<SEC-DOCUMENT>0001554855-25-000151.txt : 20250311
<SEC-HEADER>0001554855-25-000151.hdr.sgml : 20250311
<ACCEPTANCE-DATETIME>20250310193502
ACCESSION NUMBER:		0001554855-25-000151
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20250310
FILED AS OF DATE:		20250311
DATE AS OF CHANGE:		20250310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cosan S.A.
		CENTRAL INDEX KEY:			0001430162
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40155
		FILM NUMBER:		25725408

	BUSINESS ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA
		STREET 2:		4100, 16TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			04538-132
		BUSINESS PHONE:		55-11-3897-9797

	MAIL ADDRESS:	
		STREET 1:		AV. BRIGADEIRO FARIA LIMA
		STREET 2:		4100, 16TH FLOOR
		CITY:			SAO PAULO, SP
		STATE:			D5
		ZIP:			04538-132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cosan S.A. Industria e Comercio
		DATE OF NAME CHANGE:	20080319
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>6-K
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt; margin: 0px; text-indent: 0px;">
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 14pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: normal; text-transform: none;">UNITED STATES</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 14pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: normal; text-transform: none;">SECURITIES AND EXCHANGE COMMISSION</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 6pt; text-align: center; line-height: 1.2;"><font style="font-size: 14pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: normal; text-transform: none;">Washington, D.C. 20549</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 6pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 6pt; text-align: center; line-height: 1.2;"><font style="font-size: 16pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-transform: none;">FORM 6-K</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Report of Foreign Issuer</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Pursuant To Rule 13a-16</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Or</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">15d-16 of the</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Securities Exchange Act of 1934</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">For the month of</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;March</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">2025</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Commission File Number:</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">333-251238</font></font></p>
<table style="letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0" width="100%">

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<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>









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<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 10pt 0pt 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">COSAN S.A.</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">(Exact name of registrant as specified in its charter)</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">N/A</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">(Translation of registrant&#8217;s name into English)</font></font></p>
<table style="letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%">

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<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>









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<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Av.</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Brigadeiro</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Faria</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">Lima, 4100, &#8211; 16</font><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none; vertical-align: super;">th</font></font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">floor</font></font><br><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">S&#227;o Paulo, SP 04538-132 Brazil</font></font><br><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">(Address of principal executive offices)</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Indicate by chec</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">k mark whether the registrant files or will file annual reports under cover of Form 20-F or Form</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">40</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&#8209;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">F:&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Form 20-F</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9746;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Form 40-F</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9744;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">101(b)(1):</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Ye</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">s</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9744;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">No</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9746;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0pt 10pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: bold; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">101(b)(7):</font></font></p>
<p style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt; text-align: center; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">Yes</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9744;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">No</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: normal; font-weight: normal; text-transform: none;">&nbsp;</font><font style="font-family: 'Segoe UI Symbol'; font-style: normal; font-weight: normal; text-transform: none;">&#9746;</font></font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>













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<p style="font-size: 14pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 14pt; font-weight: bold;">Cosan S.A.</font></p>
<p style="font-size: 14pt; line-height: 115%; margin: 0pt 0pt 10pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #0a9ca6; font-size: 14pt; font-weight: bold;">Management Report</font><font style="color: #0a9ca6; font-size: 14pt; font-weight: bold;"> 2024</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Cosan S.A. ("Cosan" or "Company") submits for consideration of its shareholders the Management Report concerning the activities performed in the fiscal year ended in 2024. </font><font style="color: #595959; line-height: inherit;">The result is presented in accordance with the accounting practices adopted in Brazil and international standards (IFRS). Except where otherwise stated, all comparisons in this report consider the year 2024 vs. 2023.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">The Company also provides a detailed version of its Financial Statements and its earnings release on its website</font><font style="color: #595959; line-height: inherit;">:</font> <font style="color: #595959; text-decoration: underline; line-height: inherit;">https://www.cosan.com.br/en/</font> </font></p>













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<p style="margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times;"><font style="font-style: italic;"><font style="color: #0a9ca6; font-size: 13pt; font-weight: bold;">1. Message from the CEO</font></font><font style="color: #0a9ca6; font-size: 13pt; font-weight: bold;"><font style="font-style: italic;">&nbsp;</font> </font></font></p>













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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The year 2024 began with positive prospects for reducing interest rates in the United States and Brazil, as well as projections of controlled inflation and appreciation of the real against the dollar. However, during the year, there was a deterioration in inflation expectations and Brazil's debt trajectory, necessitating a new cycle of interest rate hikes, raising future interest rate expectations.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Despite a more challenging macroeconomic scenario, we had significant operational results in most of the portfolio's investments. </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;"> had solid performance during the year, with growth in transported volume (including some months of record monthly volume), increased market share in exports through the Port of Santos, and higher average annual tariff. Compass recorded higher volumes of natural gas distributed across all segments and the ramp-up of TRSP at Edge, demonstrating the success of the expansion strategy in the free market. At </font><font style="color: #595959; line-height: inherit;">Moove</font><font style="color: #595959; line-height: inherit;">, profitability increased with an improved mix of products sold and efficient supply chain management. Radar's land portfolio again recorded a year of appreciation, albeit at a slower pace than the previous year.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Ra&#237;zen</font><font style="color: #595959; line-height: inherit;">, on the other hand, had operational and financial results below expectations. However, the company's shareholders promoted significant changes in key executives, seeking a thorough strategic review and performance recovery. In the first months, the new management team reviewed the entire organizational structure, significantly reduced back-office positions, and defined a new focus on portfolio simplification, investment optimization, and resizing trading operations to reduce them, focusing on key businesses to improve results.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At Cosan, we managed our debt, extending the average term of our debts while taking advantage of favorable conditions in the Brazilian debt market to reduce our average spread relative to the CDI.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">The expectation of higher interest rates makes discipline in capital allocation even more relevant, balancing leverage and portfolio quality. In this context, important movements occurred: (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) at Compass, the acquisition of control of </font><font style="color: #595959; line-height: inherit;">Compag&#225;s</font><font style="color: #595959; line-height: inherit;"> and the sale of </font><font style="color: #595959; line-height: inherit;">Norg&#225;s</font><font style="color: #595959; line-height: inherit;"> distributors; (ii) at </font><font style="color: #595959; line-height: inherit;">Moove</font><font style="color: #595959; line-height: inherit;">, the acquisition of DIPI Holdings group, bringing more optionality in lubricants; (iii) at </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">, the signing of the sale of 50% of T39 and the partnership with CHS for a new terminal in Santos; (iv) at Radar, nine farms were sold throughout 2024, following the asset recycling strategy; and (v) at </font><font style="color: #595959; line-height: inherit;">Ra&#237;zen</font><font style="color: #595959; line-height: inherit;">, advances were made through the monetization of sugarcane areas, the sale of distributed solar generation projects, and the dilution of participation in Mobility in Paraguay.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The scenario reinforces the need to take actions to reduce the level of indebtedness at the holding company. Therefore, for 2025, maximizing our discipline and assertiveness in capital allocation decisions will be key themes. In this sense, we took a first step in the trajectory of changes by selling our minority stake in Vale in January 2025 to reduce debt and optimize Cosan's capital structure. The proceeds from the sale are being used for prepayments of bonds and debentures. It is worth noting that the deleveraging process, converging to a more sustainable debt service coverage ratio, will be done without losing sight of the quality of the portfolio's asset composition and ensuring that the portfolio companies continue to execute their structuring projects, which support their future value creation.</font></p>
<p style="margin: 0pt 0pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Marcelo Martins</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #0a9ca6; font-weight: bold; line-height: inherit;">CEO </font><font style="color: #0a9ca6; font-weight: bold; line-height: inherit;">of </font><font style="color: #0a9ca6; font-weight: bold; line-height: inherit;">Cosan</font></font></p>
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<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; padding-left: 2.16pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 12pt 0pt 10pt 0pt !important;">2.  <font style="color: #0a9ca6; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Annual Results</font> </font></div>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Cosan Consolidated</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Below we present the consolidated accounting result for 2024 for Cosan and its business units. Except for </font><font style="color: #595959; line-height: inherit;">Ra&#237;zen</font><font style="color: #595959; line-height: inherit;"> (a joint venture co-controlled by Cosan), all other information reflects the consolidation of 100% of the subsidiaries' results, regardless of Cosan's interest. For more information, see Note 9 "Investments in Subsidiaries and Associates" of the individual and consolidated financial statements as of December 31, 2024 ("Financial Statements").</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Note</font><font style="color: #595959; line-height: inherit;"> that Cosan (corporate segment) represents the reconciliation of Cosan's corporate structure, offshore financial companies and other expenses, as detailed in Note 1 of the Financial Statements. The </font><font style="color: #595959; line-height: inherit;">following </font><font style="color: #595959; line-height: inherit;">tables reflect the complete information provided in the Company's </font><font style="color: #595959; line-height: inherit;">Financial</font><font style="color: #595959; line-height: inherit;"> Statements.</font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #1a3f54; font-weight: bold;">Income statement for the period - BRL </font><font style="color: #1a3f54; font-weight: bold;">mln</font></font></p>













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<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2024</font></p>













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<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2023</font></p>













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<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 43,951 </font></p>













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<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 39,468 </font></p>













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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">11%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Cost of goods and services sold</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (30,236) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (28,550) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">6%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 13,715 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 10,919 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">26%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Selling, general &amp; administrative expenses</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (4,421) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,879) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">14%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Other net operating income (expenses)</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,550 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 3,924 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">-61%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Impairment</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,155) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Financial results</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (8,750) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (7,897) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">11%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings (losses) of subsidiaries and associates</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,719 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 351 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings (losses) of joint ventures</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,230) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,695 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Impairment in associate</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (4,672) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Expenses with income and social contribution taxes</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,191) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (274) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interest</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,262) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,790) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">-67%</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Discontinued operation</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 274 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 45 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>
<tr style="height: 11.25pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Net income (Loss)</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (9,424) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,094 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">n/a</font></p>













</td>













</tr>



























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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>3</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><br></div>





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

<tr style="height: 10px;">
<td style="width: 50%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="width: 50%; text-align: right; height: 10px; margin: 0px; text-indent: 0px;"><img src="img3fafe5ffa36e422e99f7.jpg" alt="Graphics"></td>











</tr>























</table>
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #595959; font-family: 'times new roman', times;">&nbsp;</font><font style="color: #595959; font-family: 'times new roman', times;">&nbsp;</font></font></p>
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt;">Information by Segment:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; height: 282px; width: 100%;" width="100%">

<tr style="height: 51px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #1a3f54; font-weight: bold;">Income statement for the period - BRL </font><font style="color: #1a3f54; font-weight: bold;">mln</font></font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Ra&#237;zen</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Compass</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Moove</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Rumo</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Radar</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cosan Corporate</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Deconsolidation</font><br><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> of Joint</font><br><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Ventures</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Elimination</font><br><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">between</font><br><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">segments</font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Consolidated</font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 37%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Net revenue</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 251,199 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 18,383 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 10,248 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 13,936 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,442 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 2 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (251,199) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (61) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 7%; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 43,951 </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Cost of goods and services sold</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (237,637) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (14,707) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (7,310) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (7,534) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (747) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (0) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 237,637 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 61 </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (30,236) </font></p>













</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Gross profit</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 13,562 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 3,676 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 2,938 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 6,403 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 695 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 2 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (13,562) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 13,715 </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Selling, general &amp; administrative expenses</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (9,655) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,014) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,253) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (711) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (73) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (371) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 9,655 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 0 </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (4,421) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Other net operating income (expenses)</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 2,029 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 858 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 84 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (147) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,265 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (511) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,029) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,550 </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Impairment</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (6) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,149) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,155) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Financial results</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (7,273) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (854) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (181) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,578) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 28 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (5,164) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 7,273 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 0 </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (8,750) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings (losses) of subsidiaries and associates</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (236) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 154 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (0) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 40 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 22 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 3,509 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 236 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,007) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,719 </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings (losses) of joint ventures</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (7) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,223) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,230) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Impairment in associate</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (4,672) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (4,672) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Expenses with income and social contribution taxes</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,103) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (967) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (195) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (800) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (130) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,099) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,103 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (0) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (3,191) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Non-controlling interest</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (57) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (392) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (118) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 658 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,273) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (137) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 57 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (0) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (1,262) </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 10pt;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Discontinued operation</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 274 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 241 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> -&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (241) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 274 </font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;">Net income (Loss)</font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,732) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 1,731 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 276 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (292) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 533 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (9,424) </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> 2,732 </font></p>













</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (2,248) </font></p>













</td>
<td style="background-color: #d7e8d2; padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #1a3f54 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #1a3f54 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #1a3f54; font-family: 'times new roman', times; font-size: 10pt;"> (9,424) </font></p>













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<p style="font-size: 9pt; line-height: 110%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-style: italic; line-height: inherit;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Notes: (1) Although Ra&#237;zen S.A. is a joint venture registered by the equity method and not proportionally consolidated, Management continues to review information by segment. The reconciliation of these segments is presented in the "Deconsolidation of jointly controlled entity" column.</font></font></p>
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<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #595959;">Below are the material changes </font><font style="color: #595959;">in Income Statements</font><font style="color: #595959;">:</font></font></p>
<p style="font-size: 9pt; line-height: 110%; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold;">Net Revenue</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan's consolidated net revenue reached R$ 44.0 billion in 2024, up 11% compared to 2023. Below are the relevant variations in revenues by segment:</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">Rumo's</font><font style="color: #595959; line-height: inherit;"> net revenue totaled R$ 13.9 billion in 2024 (+27%). The revenue increase was due to a 3% growth in transported volume and a 24% increase in the average tariff.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass's net revenue was R$ 18.4 billion in 2024 (+3%). This increase reflects the recovery of volumes in the distribution segment, inflation adjustments and the start of operations at EDGE with TRSP and new contracts with free market customers.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">Moove's</font><font style="color: #595959; line-height: inherit;"> net revenue reached R$ 10.2 billion in 2024 (+2%) compared to the previous year due to the portfolio management strategy and product mix that led to revenue growth, even in a scenario of volume reduction.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Radar's net revenue was R$ 1.4 billion in 2024 compared to R$ 743 million in the previous year. This variation is explained by the strategic sale of 9 agricultural properties during the year.</font></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Operating Cost</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">The cost of goods sold, and services provided by Cosan's subsidiaries totaled R$ 30.2 billion in the fiscal year ended December 31, 2024 (+6%). This </font><font style="color: #595959; line-height: inherit;">growth</font><font style="color: #595959; line-height: inherit;"> is justified by (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) at </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">, an increase from R$ 6.8 billion in 2023 to R$ 7.5 billion in 2024, mainly due to higher transported volumes, as well as the increase in unit fuel cost and fixed costs to support the growth of operations; (ii) at Radar, the cost of goods sold and services provided increased from R$ 153 million to R$ 747 million in 2024, due to the write-off of the book value of farm sales; (iii) at Compass, a 3% growth, reaching R$ 14.7 billion in 2024, mainly impacted by the cost of gas and transportation, which totaled R$ 12.1 billion. Finally, the result was partially offset by the reduction in costs at </font><font style="color: #595959; line-height: inherit;">Moove</font><font style="color: #595959; line-height: inherit;">, which reached R$ 7.3 billion in 2024 (-1%), due to the execution of the commercial strategy and efficient supply chain management.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Gross Profit</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">With these results, Cosan presented a gross profit of R$ 13.7 billion in 2024 (+26%), mainly due to the segments of (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">, reflecting the increase in transportation operating revenue, (ii) </font><font style="color: #595959; line-height: inherit;">Moove</font><font style="color: #595959; line-height: inherit;">, due to higher sales volume and healthy margins, and (iii) Radar, due to revenue from agricultural property sales.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Selling, General, Administrative Expenses, and Other Revenues</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling, general, administrative expenses, and other revenues totaled R$ 6.0 billion in the fiscal year 2024, presenting an increase justified by:</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">At </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">, selling, general, administrative expenses totaled R$ 711 million in the fiscal year 2024 (+18%). The increase in expenses was compatible with the structure implemented to reinforce processes to support the growth strategy, efficiency gains, and risk management. The result of other operating income and expenses was negative at R$ 3.3 billion, with R$ 3.1 billion referring to the provision for asset write-offs at </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;"> Malha Sul.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">At </font><font style="color: #595959; line-height: inherit;">Moove</font><font style="color: #595959; line-height: inherit;">, selling, general, administrative expenses, and other revenues totaled R$ 2.2 billion in the fiscal year 2024, impacted by: </font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) an 88% increase in depreciation and amortization expenses due to the acceleration of goodwill amortization in North America; and ii) non-recurring expenses related to the IPO process of R$ 156 million in the year. Excluding D&amp;A expenses and non-recurring effects, VG&amp;A expenses and other revenues increased by 1% compared to the previous fiscal year, </font><font style="color: #595959; line-height: inherit;">and </font><font style="color: #595959; line-height: inherit;">less than the revenue growth.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Financial Result</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">In 2024, Cosan's financial result totaled an expense of R$ 8.7 billion, compared to an expense of R$ 7.9 billion in 2023. </font><font style="color: #595959; line-height: inherit;">The increase is mainly due to:</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">At Cosan Corporate, the financial result totaled R$ 5.3 billion, mainly impacted by: (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) exchange rate variation and non-debt derivatives of R$ 3.5 billion due to changes in the dollar currency during 2024 and (ii) interest and monetary variation of R$ 1.8 billion.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">At </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">, the financial result totaled R$ 2.6 billion. The lower net debt cost, resulting from the drop in the average CDI during the year, was offset by the increased cost of lease liabilities due to additions from the 6</font><font style="color: #595959; vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="color: #595959; line-height: inherit;"> amendment of </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;"> Malha </font><font style="color: #595959; line-height: inherit;">Paulista</font><font style="color: #595959; line-height: inherit;"> and the leasing of equipment for permanent way maintenance.</font></font></p>
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<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Equity Pickup</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">The equity pickup result as of December 31, </font><font style="color: #595959; line-height: inherit;">2024</font> <font style="color: #595959; line-height: inherit;">was negative R$ 4.2 billion compared to positive R$ 2.0 billion in 2023. This variation is due to: (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) the negative impact of the impairment of the Vale investment, reducing the equity pickup by R$ 3.1 billion; (ii) the negative effect on trading operations, increased financial expenses, and lower volume and margin in fuel distribution, marginally offset by the increase in sugar and ethanol sales at </font><font style="color: #595959; line-height: inherit;">Ra&#237;zen</font><font style="color: #595959; line-height: inherit;">; and (iii) the positive participation of R$ 154.5 million at Compass and R$ 40.3 million at </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;">.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Income Tax and Social Contribution</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">Income tax and social contribution in the fiscal year ended December 31, 2024, generated an expense of R$ 3.2 billion compared to an expense of R$ 274 million in the previous year. In December 2024, the effective tax rate was 63.7%. The main effects were due to: (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) provision for non-recoverability of tax losses and temporary differences of R$ 2.5 billion; and (ii) write-off of tax losses of R$ 325 million.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #003349; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Net Income</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #595959; line-height: inherit;">Cosan ended the year 2024 with a net loss of R$ 9.4 billion, mainly impacted by the</font><font style="color: #595959; line-height: inherit;"> Vale&#8217;s</font> <font style="color: #595959; line-height: inherit;">investment </font><font style="color: #595959; line-height: inherit;">impairment due to the sale of the stake totaling R$ 4.6 billion, provision for non-recoverability of tax losses and temporary differences of R$ 2.5 billion, and impairment of assets at the subsidiary </font><font style="color: #595959; line-height: inherit;">Rumo</font><font style="color: #595959; line-height: inherit;"> amounting to R$ 3.1 billion.</font></font></p>
<p style="font-size: 13pt; line-height: 1.2; margin: 0pt 0pt 12pt; text-align: justify;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Proposal for Allocation of the Company's Result for the Fiscal Year Ended December 31, 2024</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's Management proposes the following amortization for the loss of the fiscal year:</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #1a3f54; font-weight: bold; line-height: inherit;">BRL </font></font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net Loss for the Year:</font></p>













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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0a9ca6; font-weight: bold;">(</font><font style="color: #0a9ca6; font-weight: bold;">9</font><font style="color: #0a9ca6; font-weight: bold;">,423,794,618.82</font><font style="color: #0a9ca6; font-weight: bold;">)</font></font></p>













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<p style="margin: 0pt; text-align: right; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #404040;">(</font><font style="color: #404040;">58,801,619.29</font><font style="color: #404040;">)</font></font></p>













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<p style="margin: 0pt; text-align: justify;"><font style="color: #404040; font-family: 'times new roman', times; font-size: 10pt;">Statutory Reserve</font></p>













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<p style="margin: 0pt; text-align: right; text-indent: 10pt;"><font style="font-family: 'times new roman', times;"><font style="color: #404040; font-size: 9pt;"><font style="font-size: 10pt;">(8,71</font>5,187,549.55)</font></font></p>













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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">The remaining balance of R$ 649,805,449</font><font style="color: #595959; line-height: inherit;">.9</font><font style="color: #595959; line-height: inherit;">8 will be appropriated to the "Accumulated Losses" account until the capital reduction of the Company is approved, </font><font style="color: #595959; line-height: inherit;">as submitted for approval on extraordinary matter at the Company&#8217;s </font><font style="color: #595959; line-height: inherit;">Shareholders Meeting</font><font style="color: #595959; line-height: inherit;">.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-style: italic;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: -18pt; margin: 6pt 0pt 0pt !important; line-height: inherit;">3. <font style="color: #0a9ca6; font-size: 13pt; font-weight: bold; line-height: inherit;">Human Capital</font></font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Safety and well-being remain priorities for the Company, and we strive for zero accidents. However, despite our efforts, our safety indicator (LTIF Lost time injury frequency = Number of accidents/million hours worked) was 0.28 in 2024. Cosan and its investees remain focused on maintaining high safety standards in our operations, investing in training, technology, and </font><font style="color: #595959; line-height: inherit;">safe practices. We also offer comprehensive health benefits, reinforcing care for the physical and mental well-being of our team.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, we continued to strengthen our Entrepreneurial Culture with leadership and employees, exploring how our behaviors and management model are lived in practice.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We advanced in Gender Equity with 69.4% of women in Cosan's leadership and 53% in senior management. Additionally, we signed the commitment with the Forum of Companies and LGBTI+ Rights and the Business Initiative for Racial Equality, strengthening our role in advancing inclusion and equity within Cosan.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">As recognition, we achieved 1</font><font style="color: #595959; vertical-align: super; line-height: inherit; font-size: 8pt;">st </font><font style="color: #595959; line-height: inherit;">place in the Conglomerate category and 22</font><font style="color: #595959; vertical-align: super; line-height: inherit; font-size: 8pt;">nd</font><font style="color: #595959; line-height: inherit;"> in the overall ranking of </font><font style="color: #595959; line-height: inherit;">Merco</font><font style="color: #595959; line-height: inherit;"> Talento </font><font style="color: #595959; line-height: inherit;">Brasil</font><font style="color: #595959; line-height: inherit;"> 2024, highlighting our progress in empowering people and businesses to their fullest potential</font><font style="color: #595959; line-height: inherit;">.</font></font></p>
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<p style="font-size: 9pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit; padding-left: 2.16pt; text-indent: 0pt; margin: 12pt 0pt !important;">4.  <font style="color: #0a9ca6; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Capital Market &amp; Corporate Governance</font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Cosan has its shares listed on B3 - </font><font style="color: #595959; line-height: inherit;">Brasil</font><font style="color: #595959; line-height: inherit;">, Bolsa, </font><font style="color: #595959; line-height: inherit;">Balc&#227;o</font><font style="color: #595959; line-height: inherit;"> under the code CSAN3, being part of B3's Novo Mercado segment, where companies commit to adhering to the best corporate governance practices. It also has a level 2 American Depositary Shares (ADSs) program listed on the New York Stock Exchange (NYSE).</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, Cosan's capital stock was represented by 1,866,570,932 registered, book-entry common shares without par value &#8211; all with voting rights, according to B3's Novo Mercado segment.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Management is committed to the constant evolution of the Governance environment. The Board of Directors is assisted by Committees to address the Company's priority agendas, in addition to the presence of the Fiscal Council. Cosan has a dedicated risk management structure to identify, assess, and respond to the demands of each segment of our business portfolio. The internal control environment is centrally monitored by the corporate team, in addition to maintaining policies that guide the conduct of our employees and maintaining ethics channels for reporting potential violations of the Code of Ethics and non-compliances that are reported to the Statutory Audit Committee.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, Cosan created the Directorate of Risk Management, Internal Controls, and Internal Audit to strengthen corporate governance and improve the supervision of risks and internal controls of the portfolio companies. The new structure is responsible for evaluating, recommending, and monitoring continuous improvements in the internal control environment, ensuring greater efficiency and adherence to best governance practices.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Also, this year we restructured the Statutory Board</font><font style="color: #595959; line-height: inherit;"> of Executive Officers</font><font style="color: #595959; line-height: inherit;"> to ensure the continuity of strategies and the necessary agility for executing our priorities and strengthening the governance structure with the formalization of the Government Relations structure, development of projects focused on people transition.</font></font><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><br></font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit; padding-left: 2.16pt; text-align: justify; text-indent: 0pt; margin: 6pt 0pt !important;">5.  <font style="color: #0a9ca6; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Commitment to Sustainability</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As an asset manager, Cosan is committed to evolving in an integrated manner, promoting sustainable practices that generate a positive impact on the environment and society.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Developed from material themes, the "ESG Vision 2030" is the Company's sustainability strategy, serving as a reference for best practices and drivers that consolidate actions on themes that impact all businesses in the portfolio transversally.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Cosan's ESG performance with its investees is divided into three major priority fronts: (</font><font style="color: #595959; line-height: inherit;">i</font><font style="color: #595959; line-height: inherit;">) directing the evolution of businesses, aligning them with the commitments and guidelines of the ESG Vision 2030; (ii) engaging businesses by promoting exchanges of knowledge and sustainability practices; and (iii) consolidating and communicating the portfolio's ESG performance to stakeholders, ensuring alignment with strategic objectives.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, Cosan reviewed its materiality to ensure that the matrix is aligned with regulatory movements, reflects stakeholders' views, and integrates sustainability into strategic decisions, balancing impact and financial objectives with environmental, climate, and social responsibilities.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the first time, we were included in the Dow Jones Sustainability World Index (DJSI World), one of the most prestigious international indices, recognizing listed companies' continuous commitment to ESG practices. Additionally, we remained part of the B3 ISE Portfolio for the fifth consecutive year, reaffirming our commitment to corporate sustainability.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For more information, see explanatory note 3.3 &#8211; Accounting Impacts related to Environmental, Social, and Governance (ESG) initiatives in the Financial Statements for the fiscal year ended December 31, 2024.</font></p>
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<p style="font-size: 10pt; line-height: 110%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;"><br></font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit; padding-left: 2.16pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 18pt !important;">6.  <font style="color: #0a9ca6; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Relationship with the Independent Auditor</font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan hired BDO RCS Auditores (BDO) to provide external audit services for its financial statements for the fiscal year 2024. </font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">The Company has a Policy on Engaging Independent Auditors and Non-Audit Services ("Policy") to establish rules related to hiring independent auditors and audit firms, including guidelines and procedures to ensure the independence of independent auditors and consultants providing services to the Company, its subsidiaries, joint ventures, and relevant associates. The Policy is available at</font> <font style="color: #595959; text-decoration: underline; line-height: inherit;">https://www.cosan.com.br/en/about-cosan/corporate-governance/bylaws-policies-and-codes/</font> </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt 0pt 10pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">During 2024, BDO was hired for other independent audit services related to associates and jointly controlled entities, whose fees represent 24.4% of the total fees for the annual audit of the individual and consolidated financial statements for the fiscal year ended December 31, 2024, including the review of the individual and consolidated interim financial statements for the periods ended March 31, June 30, and September 30, 2024, which did not affect the independence principle established in the Policy.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Based on these principles, BDO RCS Auditores </font><font style="color: #595959; line-height: inherit;">Independentes</font><font style="color: #595959; line-height: inherit;"> informed that the provision of such services, as described above, does not affect the independence and objectivity necessary for the services provided to the Company.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;"><br></font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 10pt;"><font style="color: #595959; line-height: inherit;">Additionally, as per the </font><font style="color: #595959; line-height: inherit;">Notice to the </font><font style="color: #595959; line-height: inherit;">Market </font><font style="color: #595959; line-height: inherit;">published</font><font style="color: #595959; line-height: inherit;"> on February 11, 2025, there was a change in Cosan's independent auditor: PricewaterhouseCoopers Auditores </font><font style="color: #595959; line-height: inherit;">Independentes</font><font style="color: #595959; line-height: inherit;"> Ltda. will start its activities from the review of the quarterly information for the first quarter of 2025 and will conduct the audit work for the Company's subsidiaries, except for </font><font style="color: #595959; line-height: inherit;">Ra&#237;zen</font><font style="color: #595959; line-height: inherit;">.</font></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="color: #0a9ca6; font-family: 'times new roman', times; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit; padding-left: 2.16pt; text-indent: 0pt; margin: 0pt 0pt 18pt !important;">7.  <font style="color: #0a9ca6; font-size: 13pt; font-style: italic; font-weight: bold; line-height: inherit;">Management Declaration</font></font></div>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 0pt; text-indent: 0pt; text-align: justify;"><font style="color: #595959; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In compliance with the provisions of CVM Resolution No. 80, the Management declares that it has discussed, reviewed, and agreed with the financial statements for the fiscal year ending December 31, 2024, and with the opinions expressed in the independent auditors' report.</font></p>
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<p style="vertical-align: middle; text-align: left;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">CONTENT&nbsp;</font></p>









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<td style="height: 10px; width: 90%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#Barr_112202513351549">Report on the review of quarterly information</a></td>
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<td style="height: 10px; width: 90%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BSD_17_271202518562478">Statement of financial position</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BSD_15_271202518503452">Statement of other comprehensive income</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BRN10_271202518311258">Statement of changes in equity</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BR1_271202518383693">1. OPERATIONS</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BR3_2712025184012861">2. RECENT DEVELOPMENTS AND OTHER INFORMATION</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BR5_2712025184030486">3. STATEMENT OF COMPLIANCE AND MATERIAL ACCOUNTING POLICIES</a></td>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BJKB11_2712025183624955">4. SEGMENT INFORMATION</a></td>
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<td style="height: 17px;"><a href="#Bqq2_2712025194344159">5. FINANCIAL ASSETS AND LIABILITIES</a></td>
<td class="bmpageno" style="height: 17px; text-align: left;">43</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BRN1_271202518544172">5.1. RESTRICTIVE CLAUSES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">46</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BRN3_27120251864796">5.2. CASH AND CASH EQUIVALENTS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">47</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BRN4_271202518613693">5.3. MARKETABLE SECURITIES AND RESTRICTED CASH</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">48</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BRN7_271202518624831">5.4. LOANS, BORROWINGS AND DEBENTURES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">49</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_1_271202518317362">5.5. LEASES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">57</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#B_271202518313051">5.6. DERIVATIVE FINANCIAL INSTRUMENTS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">60</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_3_2712025183215763"> 5.7. TRADE RECEIVABLES </a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">65</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_4_2712025183250208">5.8. RELATED PARTIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">66</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_5_271202518338649">5.9. TRADE PAYABLES </a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">70</td>

</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 15px; height: 17px;"><a href="#BSD_6_2712025183341673"> 5.10. SECTORIAL FINANCIAL ASSET AND LIABILITY </a></td>
<td class="bmpageno" style="height: 17px; text-align: left;">70</td>

</tr>
<tr style="height: 17px;">
<td style="padding: 0px 0px 0px 15px; height: 17px;"><a href="#BSD_6_2712025183356802">5.11. FAIR VALUE MEASUREMENTS</a></td>
<td class="bmpageno" style="height: 17px; text-align: left;">72</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_8_2712025183440902">5.12. FINANCIAL RISK MANAGEMENT </a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">74</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BA1_2712025184557739">6. OTHER TAX RECEIVABLE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">80</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BA2_271202518465299"> 7. INVENTORIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">80</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BA3_2712025184612236">8.&nbsp; ASSETS AND LIABILITIES HELD FOR SALE DISCONTINUED OPERATION</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">81</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><a href="#BSD_20_271202519561953">9. INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">83</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_21_271202520027446">9.1. INVESTMENTS IN SUBSIDIARIES </a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">83</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_22_271202520235656">9.2. ACQUISITION OF SUBSIDIARIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">92</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_23_27120252038146">9.3. NON-CONTROLLING INTEREST IN SUBSIDIARIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">94</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BSD_23_27120252041362">9.4. INVESTMENTS IN ASSOCIATES </a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">98</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BN10_2712025154547230">10. INVESTMENT IN JOINT VENTURE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">101</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px 2px 0px 0px;"><a href="#BN11_27120251546929"> 11. PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE, ASSETS AND GOODWILL, CONTRACT ASSETS, RIGHT-OFF-USE AND INVESTMENT PROPERTIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">103</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BN11A_2712025154630588">11.1. PROPERTY, PLANT AND EQUIPMENT</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">104</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BN11B_2712025154645758">11.2. INTANGIBLE ASSETS AND GOODWILL</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">107</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BN11C_271202515470356">11.3. CONTRACT ASSET</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">111</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BN11D_2712025154747365">11.4 RIGHT-OF-USE ASSETS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">112</td>

</tr>
<tr style="height: 10px;">
<td style="padding: 0px 0px 0px 15px; height: 10px;"><a href="#BN11E_2712025154756813">11.5. INVESTMENT PROPERTIES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">114</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BDn12_2712025191837575">12. COMMITMENTS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">115</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BDn13_2712025191851550">13. CONCESSIONS PAYABLE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">115</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#Bdn14_271202519195414">14. OTHER TAXES PAYABLE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">117</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#Bdn15_2712025191917877">15. INCOME TAXES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">118</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#Bp1_2712025182611752">16. PROVISION FOR PROCEEDINGS AND JUDICIAL DEPOSITS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">124</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#Bh2_2712025182710857">17. SHAREHOLDERS&#8217; EQUITY</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">130</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB18_271202516154488">18. EARNINGS PER SHARE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">132</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB19_2712025161523758">19. NET SALES</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">134</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB20_2712025161539511">20. COSTS AND EXPENSES BY NATURE</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">136</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB21_2712025161552242">21. OTHER OPERATING INCOME (EXPENSES), NET</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">137</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB22_2712025161618502">22. FINANCE RESULTS, NET</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">137</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB23_2712025161629926">23. POST-EMPLOYMENT BENEFITS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">139</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB24_27120251616465">24. SHARE-BASED PAYMENT</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">143</td>

</tr>
<tr style="height: 10px;">
<td style="height: 10px;"><a href="#BJKB25_271202516170156">25. SUBSEQUENT EVENTS</a></td>
<td class="bmpageno" style="height: 10px; text-align: left;">147</td>

</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><a href="#BJKB26_2712025161737630">26. NEW ACCOUNTING STANDARDS</a></td>
<td class="bmpageno" style="height: 17px; text-align: left;">150</td>

</tr>











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<td style="width: 50%; vertical-align: top;" valign="top"><img src="imgf3c01f645f294cda9e00.jpg" alt="Graphics"></td>
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<p style="margin: 0in 9pt 0in 0in; text-indent: -0.05pt; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-size: 10pt;"><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">Tel.:
+ 55 11 3848 5880</font><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;"></font></font></p>
<p style="margin: 0in 9pt 0in 0in; text-indent: -0.05pt; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-size: 10pt;"><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">Fax:
+ 55 11 3045 7363</font><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;"></font></font></p>




<font lang="PT-BR" style="font-size: 10pt; font-family: 'Trebuchet MS', sans-serif; color: #786860;">

www.bdo.com.br


</font></td>
<td style="width: 25%; vertical-align: top;" valign="top">
<p style="margin: 0in 9pt 0in 0in; text-indent: -0.05pt; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-size: 10pt;"><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">Rua Major Quedinho, 90</font><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;"></font></font></p>
<p style="margin: 0in 9pt 0in 0in; text-indent: -0.05pt; text-align: justify; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-size: 10pt;"><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">Consola&#231;&#227;o &#8211; S&#227;o Paulo, SP</font><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;"></font></font></p>




<font style="font-size: 10pt;">

<font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">Brazil </font><font lang="PT-BR" style="font-family: 'Trebuchet MS', sans-serif; color: #786860;">01050-030</font>


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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Barr_112202513351549" class="customBookmark"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 14pt; font-weight: bold;">INDEPENDENT AUDITOR&#8217;S REPORT ON THE INDIVIDUAL AND CONSOLIDATED FINANCIAL STATEMENTS</font></a></div>
<p style="font-size: 8pt; line-height: 90%; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
<p style="font-size: 8pt; line-height: 90%; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">To the</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Shareholders, Board Members and Management of</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan S.A.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">S&#227;o Paulo &#8211; SP</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Opinion</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt;"><font style="font-family: 'Trebuchet MS'; line-height: inherit;">We have audited the individual and consolidated financial statements of </font><font style="font-family: 'Trebuchet MS'; font-weight: bold; line-height: inherit;">Cosan S.A.</font> <font style="font-family: 'Trebuchet MS'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Trebuchet MS'; font-weight: bold; line-height: inherit;">&#8220;Company&#8221;</font><font style="font-family: 'Trebuchet MS'; font-weight: bold; line-height: inherit;">)</font><font style="font-family: 'Trebuchet MS'; line-height: inherit;">, identified as parent company and consolidated, respectively, which comprise the statement of financial position as at December 31, 2024, and the respective statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, as well as the corresponding notes to the financial statements, including material accounting policies and other explanatory information. </font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">In our opinion, the accompanying financial statements present fairly, in all material respects, the Company&#8217;s individual and consolidated financial position as at December 31, 2024, its individual and consolidated financial performance and its individual and consolidated cash flows for the year then ended in accordance with Brazilian accounting practices and International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB).</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Basis for opinion on the individual and consolidated financial statements</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">We conducted our audit in accordance with Brazilian and International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the &#8220;Auditor&#8217;s responsibilities for the audit of the individual and consolidated financial statements&#8221; section of our report. We are independent of the Company and its subsidiaries in accordance with the relevant ethical principles established in the Code of Ethics for Professional Accountants and in the professional standards issued by the Brazilian Federal Council of Accounting (CFC), and we have fulfilled our other ethical responsibilities in accordance with these standards. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion. </font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Key audit matters</font></p>
<p style="font-size: 8pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the current year.&nbsp; These matters were addressed in the context of our audit of the individual and consolidated financial statements as a whole and in forming our opinion thereon and, accordingly, we do not provide a separate opinion on these matters. We determined that the matters described below are the key audit matters to be communicated in our report.</font></p>
<p style="font-size: 10pt; line-height: 90%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt;"><br></font></p>
<p style="font-size: 10pt; line-height: 90%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 6pt;">
















<font style="font-family: 'Trebuchet MS', sans-serif; color: #7f7f7f;">BDO RCS Auditores Independentes SS Ltda. is a
Brazilian limited liability company, member of BDO International Limited, a UK
company limited by guarantee, and is part of the international BDO network of
independent member firms. BDO is the brand name for the BDO network and for
each BDO member firm.</font>


&nbsp;</font></p>
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<p style="border-bottom: 0.5pt solid #000000; font-size: 10pt; line-height: 1.2; margin: 0pt; padding-bottom: 1pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Assessment on the recoverability of the indirect subsidiary Rumo Malha Sul S.A. and of the associated company Vale S.A. (&#8220;Rumo Malha Sul and Vale S.A.&#8221;)</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">As disclosed in Notes 11.1 and 9.4 to the individual and consolidated financial statements, as at December 31, 2024, the Company and its subsidiaries recognized impairment losses on the indirect subsidiary Rumo Malha S.A. and on the associated company Vale S.A. in the amounts of R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">2,967,203 thousand and R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">4,672,396 thousand, respectively, considering the following aspects: (i) Rumo Malha Sul S.A. was significantly affected by severe weather conditions in the first quarter of 2024, whose value in use was measured based on the adoption of the discounted cash flow method, projected until February 2027, expiration date of the concession, which resulted in the identification of the impairment loss in the amount mentioned above; (ii) the Company found, based on the prolonged and significant decrease in the fair value of Vale S.A.'s shares, the existence of objective evidence of impairment and, therefore, estimated the net fair value less selling expenses of this investment as at December 31, 2024, resulting in the recognition of an impairment loss in the amount mentioned above.&nbsp;&nbsp; </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Since Management exercises significant judgment in determining the criteria and assumptions used in the process of assessing the recoverable value of these investments, as well as the magnitude of the amounts involved and their material effects on the individual and consolidated financial statements, we consider this to be a key audit matter.</font></p>
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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 90%; margin: 0pt; padding-bottom: 1pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit response</font></p>







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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Our audit procedures included, among others:</font></p>
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<td style="height: 10px; vertical-align: top; width: 3%;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 10px; text-align: justify; width: 97%;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Understanding of relevant internal control environment related to the asset impairment testing process, when applicable, including internal controls over the identification of indication and objective evidence of impairment;</font></td>





















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<td style="height: 24px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 24px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Adoption of group audit procedures, evaluating the risks involved and procedures performed by the auditors of component, including Rumo Malha Sul S.A. related to the Company&#8217;s individual and consolidated financial statements, as well as the preparation and submission of audit instructions to the component team members and oversight and monitoring by the Company&#8217;s audit team;</font></td>





















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<td style="height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Review of the reasonableness of the model adopted by Management to calculate the measurement at the estimated net fair value less selling expenses of Vale S.A, including the assessment of the main assumptions and criteria used, as well as the technical memorandum prepared by Management;</font></td>





















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<td style="height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Review of arithmetic calculations on the recognition and measurement of the impairment loss on these investments;</font></td>





















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<td style="height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Review of the disclosures made by the Company in its financial statements.</font></td>





















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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Based on the results of the audit procedures described above, we believe that the criteria and assumptions adopted by Management to determine the impairment loss on these investments are reasonable, considering the applicable accounting practices and reasonableness of the projections supporting documentation, maintained by Management, to corroborate its conclusion.</font></p>







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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="border-bottom: 0.5pt solid #000000; font-size: 10pt; line-height: 1.2; margin: 0pt; padding-bottom: 1pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Provision for legal claims</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">As disclosed in Note 16, the Company and its subsidiaries are party to legal and administrative proceedings at tax, civil, environmental, regulatory and labor levels, which arise from the normal course of its business. As at December 31, 2024, the Company and its subsidiaries have (i) tax and (ii) civil, environmental, and regulatory matters being discussed at several procedural levels, classified as possible and probable losses, in the total consolidated amount of R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">16,422,932 thousand and R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">7,387,950 thousand, respectively, of which R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">745,896 thousand and R$</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">818,422 thousand, respectively, represent the matters provisioned, referring to proceedings with probable outflow of funds, according to the evaluation of Management based on the opinion of its legal counselors.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">The definition of the amounts provisioned and disclosed depends on Management&#8217;s critical judgment in relation to the probability of loss highlighted in the ongoing legal discussions, as a result of the interpretations of the current legislation, judicial decisions and evolution of the jurisprudence. Additionally, considering the relevance of the amounts involved and the complexity of the legal and regulatory environment, any changes in the assumptions adopted for determining the loss prognosis may have a material impact on the Company's individual and consolidated financial statements.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Due to the significance of the amounts involved in contingencies classified as possible loss, the increased number of court claims the Company is party to and the complexity of the judgements made by Management in the process of measuring those contingencies, we consider this to be a key audit matter.</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="border-bottom: 0.5pt solid #000000; font-size: 10pt; line-height: 1.2; margin: 0pt; padding-bottom: 1pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Audit response</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Our audit procedures included, among others:</font></p>
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<td style="text-align: left; vertical-align: top; height: 10px; width: 3%;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; width: 97%; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Meetings with key-personnel from the Company&#8217;s legal department;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Understanding and assessment of the internal control environment related to the cycle of identification, recognition, measurement and disclosure of contingent liabilities;</font><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>for capitalization;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Application of group audit procedures, evaluating the risks involved and procedures performed by the auditors of significant components on the accounting information of these components that relate to the Company&#8217;s consolidated financial statements, including the preparation and submission of audit instructions to the component engagement team members and oversight and monitoring by the Company&#8217;s audit team;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Evaluation of the methodology, assumptions and criteria used by the Company, including adjustments, for the recognition, measurement and disclosure of contingencies in the financial statements;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Obtaining of external confirmation letters from the legal advisors responsible for the proceedings, in order to confirm: (i) the existence of proceedings and their current status; (ii) the respective assessment of loss involved and the applicable legal grounds;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Involvement of our tax specialists to evaluate the type, grounds and/or defense thesis, and occasional changes to loss probability classification for the certain relevant tax proceedings considered as possible loss, that include complex judgement and subjectivity in the evaluations;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Regarding tax aspects related to taxes on profits, our assessment included: (i) meetings with Management to understand the existing internal controls to identify and monitor uncertain tax treatments; (ii) criteria adopted for the recognition and measurement of tax liabilities, if applicable;</font></td>




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<td style="text-align: left; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font><font style="color: #000000; font-style: normal; font-variant: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit; font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;&nbsp;</font></td>
<td style="height: 10px; text-align: justify;"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Review of the disclosures made by the Company in its financial statements.</font></td>




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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Based on the procedures applied, we considered acceptable the assumptions used by Management to measure the provisions for contingencies and their disclosure in the context of the financial statements taken as a whole.</font></p>







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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #c00000; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
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<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></div>
<div style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other matters</font>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Statements of value added</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">The individual and consolidated statements of value added, prepared under the responsibility of the Company&#8217;s Management for the year ended December 31, 2024, and presented as supplemental information for IFRS purposes, were submitted to audit procedures along with the audit of the Company&#8217;s financial statements. In order to form an opinion, we have checked whether these statements are reconciled with the financial statements and accounting records as applicable, and whether their form and contents meet the criteria established in Technical Pronouncement CPC/NBCTG 09 - Statement of Value Added. In our opinion, the statements of value added were properly prepared, in all material respects, in accordance with the criteria established in that Technical Pronouncement and are consistent with the individual and consolidated financial statements taken as a whole.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Other information accompanying the individual and consolidated financial statements and auditor&#8217;s report</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">The Company&#8217;s Management is responsible for the other information that comprises the Management Report.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Our opinion on the individual and consolidated financial statements does not cover the Management Report and we do not express any form of audit conclusion thereon. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">In connection with our audit of the individual and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether the report is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this Management Report, we are required to report that fact. We have nothing to report in this regard. </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt; text-align: justify;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Responsibilities of Management and those charged with governance for the individual and consolidated financial statements</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Management is responsible for the preparation and fair presentation of the individual and consolidated financial statements in accordance with Brazilian accounting practices and the IFRS issued by IASB, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">In preparing the individual and consolidated financial statements, Management is responsible for assessing the Company&#8217;s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Management either intends to liquidate the Company and its subsidiaries or to cease operations, or has no realistic alternative but to do so. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Those charged with governance are responsible for overseeing the Company&#8217;s and its subsidiaries&#8217; financial reporting process. </font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #98002e; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold; line-height: inherit;">Auditor&#8217;s responsibilities for the audit of the individual and consolidated financial statements</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor&#8217;s report that includes our opinion. Reasonable assurance is a high level of assurance,</font> <font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">but is not a guarantee that an audit conducted in accordance with Brazilian and International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. </font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">As part of an audit in accordance with Brazilian standards and ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. </font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">We also:&nbsp; </font></p>
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<td style="text-align: left; width: 3%; height: 51px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></td>
<td style="text-align: justify; padding: 1px; width: 97%; height: 51px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Identify and assess the risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls;</font></td>





















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<td style="text-align: left; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></td>
<td style="text-align: justify; padding: 1px; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s and its subsidiaries&#8217; internal controls;</font></td>





















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<tr style="height: 17px;">
<td style="text-align: left; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></td>
<td style="text-align: justify; padding: 1px; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and disclosures made by Management;</font></td>





















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<td style="text-align: left; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></td>
<td style="text-align: justify; padding: 1px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Conclude on the appropriateness of Management&#8217;s use of the going concern basis of accounting and, based on the audit evidence obtained, whether material uncertainty exists related to events or conditions that may cast significant doubt on the Company&#8217;s and its subsidiaries&#8217; ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor&#8217;s report to the related disclosures in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor&#8217;s report. However, future events or conditions may cause the Company and its subsidiaries to cease to continue as a going concern;</font></td>





















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<td style="text-align: left; height: 34px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top"><font style="font-weight: bold; line-height: inherit;"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></font><br></td>
<td style="text-align: justify; padding: 1px; height: 34px; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0px; line-height: normal; font-size: 10pt;"><font lang="EN-US" style="font-size: 10pt; font-family: 'Trebuchet MS', sans-serif; line-height: inherit;">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the individual and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation;</font><br></p>





















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<td style="text-align: left; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: Wingdings; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#167;</font></td>
<td style="text-align: justify; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Trebuchet MS', sans-serif; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit. </font></td>





















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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit. </font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and that we have informed them of all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. </font><br></p>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">Of the matters communicated to those charged with governance, we determine those that were of most significance for the audit of the financial statements for the current year and which are therefore the key audit matters. We describe these matters in our auditor&#8217;s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">The accompanying financial statements have been translated into English for the convenience of readers outside Brazil.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">S&#227;o Paulo, March 10, 2025.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 11pt; font-weight: bold; line-height: inherit;">BDO RCS Auditores Independentes SS Ltda.</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 11pt; font-weight: bold; line-height: inherit;">CRC 2 SP 013846/O-1</font></p>







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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 11pt; font-weight: bold; line-height: inherit;">Luiz Gustavo Pereira dos Santos</font></p>







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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Trebuchet MS'; font-size: 11pt; font-weight: bold; line-height: inherit;">Accountant CRC 1 SP 258849/O-9</font></p>







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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>15</font></font></td>




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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="margin: 0pt; color: #000000; text-align: right;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_17_271202518562478" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of financial position</font></a></div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #7dba00; font-style: italic; line-height: inherit;">(In thousands o</font><font style="color: #7dba00; font-style: italic; line-height: inherit;">f</font><font style="color: #7dba00; font-style: italic; line-height: inherit;">&nbsp;Reai<font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">s)</font></font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>






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<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>






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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






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






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






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.2</font></p>






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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,201,267</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,769,976</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,903,542</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,658,481</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted cash</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,006</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,860</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable securities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,335</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">705,777</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,272,941</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,407,955</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.7</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,730,364</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,330,488</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,402</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,935</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">905,341</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">202,399</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,072,905</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,792,714</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivables from related parties</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,099</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">173,351</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">197,063</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">251,471</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax receivable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">453,308</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">508,268</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">793,721</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">888,942</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other current tax receivable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,364</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,346</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">886,136</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">745,856</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividend receivable </font></p>






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






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,377</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">319,135</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">153,548</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,777</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reduction of capital receivable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.1 </font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,013,714</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sectorial financial assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221,947</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">207,005</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial assets</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">675</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">690</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other current assets </font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,896</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,001</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">629,426</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">722,386</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current assets </font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,681,762</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,716,789</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,795,615</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26,472,024</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current assets held for sale</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">796,211</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,998</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">978,788</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,138,165</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,477,973</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,719,787</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">30,774,403</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,610,189</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.7</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">265,370</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,148</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable securities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,360</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,006</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted cash</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,621</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146,297</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195,392</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax assets </font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,758,410</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,478,911</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495,296</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,609,030</font></p>






</td>




</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivables from related parties</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">292,882</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,745</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">202,826</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,620</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax receivable </font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">264,308</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">432,360</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other non-current tax receivable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,177</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,639</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,334,553</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,132,703</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Judicial deposits</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416,969</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">403,489</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,056,690</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">895,901</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,547,093</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,881</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,893,987</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,344,400</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sectorial financial assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">509,695</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">341,695</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other non-current assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140,594</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71,250</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">739,386</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">216,694</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,820</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,423</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments in subsidiaries and associates</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.1</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,308,696</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,741,778</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,678,566</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,611,369</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investment in joint ventures</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,193,072</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,320,592</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,545,044</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,742,442</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.1</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,038</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,817</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,019,016</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,239,974</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets and goodwill </font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.2</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,873</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,863</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,330,785</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,650,287</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contract assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.3</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,114,830</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,052,105</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Right-of-use assets</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.4</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,557</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,200</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,958,751</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,513,518</font></p>






</td>




</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investment property</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.5</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,818,919</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,976,126</font></p>






</td>




</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current assets</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">36,759,361</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">40,477,786</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">110,491,499</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">111,255,193</font></p>






</td>




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






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total assets</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">42,237,334</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">44,197,573</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">141,265,902</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">139,865,382</font></p>






</td>




</tr>











</table>




<br>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of financial position</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #7dba00; font-style: italic; line-height: inherit;">(In thousands o</font><font style="color: #7dba00; font-style: italic; line-height: inherit;">f</font><font style="color: #7dba00; font-style: italic; line-height: inherit;">&nbsp;Reai<font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">s)</font></font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="font-size: 10pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #7dba00; font-style: italic; line-height: inherit;"><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 826px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="background-color: #ffffff; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="background-color: #ffffff; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="background-color: #ffffff; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td colspan="3" style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>






</td>
<td style="background-color: #ffffff; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td colspan="3" style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>






</td>




</tr>
<tr style="height: 10px;">
<td style="background-color: #ffffff; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>






</td>
<td style="background-color: #ffffff; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 48%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.4</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">347,032</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">800,987</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,403,148</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,882,398</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.5</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,227</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,959</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,007,533</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">733,063</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,074,991</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">364,747</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,504,117</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,250,520</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.9</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,900</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,431</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,168,593</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,920,273</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Employee benefits payables </font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,356</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61,926</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">794,906</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">829,329</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax payables</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,514</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,716</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">414,823</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">445,934</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other taxes payable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78,197</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">226,556</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">637,842</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">673,718</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends payable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,495</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">276,065</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,722</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">549,054</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Reduction of capital payable</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">486,285</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Concessions payable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">166,273</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250,971</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related party payables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">210,620</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">198,899</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">416,410</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">322,160</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sectorial financial liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,718</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70,013</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">770,103</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">476,895</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other current liabilities </font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">298,534</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">593,643</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">895,223</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,516,084</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current liabilities </font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,086,866</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,536,929</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,826,696</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,920,412</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities related to assets held for sale</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">86,138</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">238,393</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,086,866</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,536,929</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,912,834</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16,158,805</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.4</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,003,523</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,695,337</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,052,278</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,022,256</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.5</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,232</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,584</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,502,220</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,542,731</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,883</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">281,238</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">966,087</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,164,625</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.9</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,256</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">264,252</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Employee benefits payables </font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,101</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other taxes payable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">216,203</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,857</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,245</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163,242</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for legal proceedings</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">308,607</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">401,093</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,044,633</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,714,403</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Concessions payable</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,554,917</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,314,402</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments with unsecured liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.1</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">263,722</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146,276</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Related party payables</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,052,404</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,449,968</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment benefits</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">279</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">313</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">526,620</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">617,647</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,973,506</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,225,433</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sectorial financial liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,975,521</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,740,685</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,589</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,129</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial liabilities</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">297,736</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other non-current liabilities</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">356,851</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">551,671</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">749,919</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">935,514</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current liabilities </font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,246,704</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,705,337</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">83,954,706</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">72,725,397</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total liabilities</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">31,333,570</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23,242,266</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">101,867,540</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">88,884,202</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Shareholders' equity</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share capital</font></p>






</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,832,544</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,682,544</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,832,544</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,682,544</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Treasury shares</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,708)</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(93,917)</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,708)</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(93,917)</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additional paid-in capital </font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,205,878</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,561,964</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,205,878</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,561,964</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accumulated other comprehensive income</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565,855</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">314,325</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565,855</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">314,325</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Retained earnings</font></p>






</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,773,990</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,490,391</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,773,990</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,490,391</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Accumulated loss</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,423,795)</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; padding: 0px 6px 0px 2px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,423,795)</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; padding: 0px 6px 0px 2px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity attributable to:</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Owners of the Company</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,903,764</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,955,307</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,903,764</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,955,307</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interest</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.3</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,494,598</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,025,873</font></p>






</td>




</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total shareholders' equity </font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,903,764</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,955,307</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">39,398,362</font></p>






</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">50,981,180</font></p>






</td>




</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total liabilities and shareholders' equity </font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">42,237,334</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">44,197,573</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">141,265,902</font></p>






</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">139,865,382</font></p>






</td>




</tr>











</table>




<br>
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>






</div>





</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0px; text-align: right; line-height: 1.2; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_16_2712025185130637" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of profit or loss</font></a></div>
<p style="margin: 0pt 0pt 10pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except earnings per share)</font></p>
<table cellspacing="0" cellpadding="0" style="height: 759px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>






</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>






</td>





</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>






</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>






</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 48%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19</font></p>






</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,950,742</font></p>






</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,468,497</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of sales</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(30,236,061)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,549,896)</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross profit</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,714,681</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,918,601</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selling expenses</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,575,890)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,350,570)</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">General and administrative expenses</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(368,154)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(437,390)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,845,282)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,527,974)</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other operating income (expenses), net</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(126,151)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(69,256)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,549,834</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,924,377</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,155,400)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating expenses</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(494,305)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(506,646)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,026,738)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">45,833</font></p>






</td>





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






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit before equity in earnings of investees, </font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">finance results and income taxes</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(494,305)</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(506,646)</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,687,943</font></p>






</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,964,434</font></p>






</td>





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






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment in associate</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.1</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,672,396)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in earnings (losses) of subsidiaries and associates</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.1</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,960,668)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,236,069</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,719,031</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">350,399</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in earnings (losses) of joint ventures</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,161)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">192,472</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,229,980)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,695,945</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings of investees</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,102,829)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,428,541</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,183,345)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,046,344</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance expense</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,357,419)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,934,520)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,637,116)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,337,430)</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance income</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">291,426</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">829,235</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,655,899</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,028,134</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange, net</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,557,941)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">712,582</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,741,359)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,777,438</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net effect of derivatives</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">327,317</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,098,745)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,972,859</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,365,169)</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Finance results, net</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,296,617)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,491,448)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,749,717)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,897,027)</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit (loss) before income taxes</font></p>






</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,893,751)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">430,447</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,245,119)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,113,751</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income taxes</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15</font></p>






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(48,781)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,562</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,952,203)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,645,063)</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(666,350)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">617,728</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,238,319)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,370,637</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(715,131)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">648,290</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,190,522)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(274,426)</font></p>






</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit (loss) for the year from continuing </font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">operations</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,608,882)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,078,737</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,435,641)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,839,325</font></p>






</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profit for the year from discontinued&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">operations, net of tax</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,875</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,419</font></p>






</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit (loss) for the year</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,423,795)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,094,391</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>






</td>





</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit (loss) attributable to:</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Owners of the Company</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,423,795)</font></p>






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






</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,094,391 </font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,423,795)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,094,391</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interest</font></p>






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,262,029</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,790,353</font></p>






</td>





</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,423,795)</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,094,391</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>






</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>






</td>





</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Earnings per share of continued operations</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18</font></p>






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Basic</font></p>






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






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






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






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






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(R$5.1586)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.5778</font></p>






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diluted</font></p>






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






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






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






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






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






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






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(R$5.1593)</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.5751</font></p>






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Earnings per share of discontinued operations</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18</font></p>






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






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






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






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






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






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






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






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






</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Basic</font></p>






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






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






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






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






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.0994</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.0084</font></p>






</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diluted</font></p>






</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>






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






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






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






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






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.0990</font></p>






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






</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">R$0.0084</font></p>






</td>





</tr>












</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin:0pt"><br></p>





</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-size: 11pt; line-height: 1.2; margin: 0px; text-align: right; text-indent: 0px;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_15_271202518503452" class="customBookmark"><font style="color: #0078ab; font-size: 12pt; font-weight: bold;">Statement of other comprehensive income</font></a></div>


</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais)</font></p>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 298px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>



</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>



</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>



</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>



</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>



</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>



</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Profit (loss) for the year</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,423,795)</font></p>



</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,094,391</font></p>



</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>



</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>



</td>


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



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



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



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



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



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



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



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



</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other comprehensive income:</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Items that are or may be reclassified </font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">subsequently to profit or loss:</font></p>



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



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



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



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



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



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



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



</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency translation </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">differences</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">466,811</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(109,134)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">537,111</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(172,501)</font></p>



</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gain (loss) on cash flow hedge</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(303,494)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,491)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(393,651)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(125,233)</font></p>



</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">163,317</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(201,625)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">143,460</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(297,734)</font></p>



</td>


</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Items that will not be reclassified </font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">to profit or loss:</font></p>



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



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



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



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



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



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



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



</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Actuarial gains (losses) with defined </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">benefit plan</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,213</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(51,596)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">162,598</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,550)</font></p>



</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred taxes</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(55,283)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,327</font></p>



</td>


</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">88,213</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(51,596)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">107,315</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(47,223)</font></p>



</td>


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



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



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



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



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



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



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



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



</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comprehensive income from continuing </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">operations</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,357,352)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,516</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,184,866)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,494,368</font></p>



</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comprehensive income from discontinued </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">operations</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,875</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,419</font></p>



</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Total comprehensive income </font><font style="font-weight: bold; line-height: inherit;">(loss) </font><font style="font-weight: bold; line-height: inherit;">for the year</font></font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,172,265)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">841,170</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,910,991)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,539,787</font></p>



</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



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



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



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



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



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



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



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



</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Comprehensive </font><font style="font-weight: bold; line-height: inherit;">income (loss)</font><font style="font-weight: bold; line-height: inherit;"> attributable to:</font></font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>


</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Owners of the Company</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,172,265)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">841,170</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,172,265)</font></p>



</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">841,170</font></p>



</td>


</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interest</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,261,274</font></p>



</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,698,617</font></p>



</td>


</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,172,265)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">841,170</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,910,991)</font></p>



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



</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,539,787</font></p>



</td>


</tr>






</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>19</font></font></td>


</tr>





</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


</div>



</div>


</div><div style="font-family: 'times new roman', times;">
<div style="line-height: 1.2; text-align: right;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN10_271202518311258" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; line-height: inherit; display: inline !important;">Statement of changes in equity</font></a></div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0px; margin: 0pt; line-height: inherit;"><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(In thousands of&nbsp;</font><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Reais)</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0px; margin: 0pt; line-height: inherit;"><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><br></font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 292px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; break-before: page; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"> <br></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td colspan="7" style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Profit reserve</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Share capital</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Treasury share</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Corporate transactions - Law 6404</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">/76</font></font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Capital transactions</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income (loss)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Legal</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Statutory reserve</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Unrealized profit</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Retained earnings</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Accumulated profits</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Equity attributable to controlling shareholders</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; line-height: 1.1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Interest of non-controlling shareholders</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total equity</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 28.5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">8,402,544</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(107,140)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">737</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #7e7e7e; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">2,319,191</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">567,546</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">58,802</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">9,240,466</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">171,021</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">20,653,167</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">27,516,232</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5%; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">48,169,399</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Profit for the year</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">1,094,391</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">1,094,391</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">3,790,353</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">4,884,744</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Other comprehensive income (note 17</font> <font style="font-weight: bold; line-height: inherit;">(f)</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Loss from cash flow hedge</font></p>







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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(92,491)</font></p>







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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(92,491)</font></p>







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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(32,742)</font></p>







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      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Foreign currency translation differences</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(109,134)</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(63,367)</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(172,501)</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Actuarial gain (loss) on defined benefit </font><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">plan, net of tax</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(51,596)</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(51,596)</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">4,373</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(47,223)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total comprehensive income (loss) for the year</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(253,221)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">1,094,391</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">841,170</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">3,698,617</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">4,539,787</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 10px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Transactions with owners of the Company&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">contributions and distributions:</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







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







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







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<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







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<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







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<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







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<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Capital increase </font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">280,000</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(280,000)</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Funds from capital increase and </font><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">decrease in subsidiary </font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">6,657</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">6,657</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Gain from capital increase </font><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">in a subsidiary</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">60,348</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">60,348</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">10,830</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">71,178</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Share based payments</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">13,223</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(40,113)</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">820,793</font></p>







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<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(820,793)</font></p>







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<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(520,691)</font></p>







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







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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(1,581,323)</font></p>







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<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(2,102,014)</font></p>







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<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
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<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(273,598)</font></p>







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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(273,598)</font></p>







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<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(273,598)</font></p>







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<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">237,460</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">237,460</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; line-height: 1.2; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Employee share schemes - value of&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">employee services</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">135,653</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">135,653</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">50,664</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">186,317</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 10px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total contributions and distributions</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">280,000</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">13,223</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">155,888</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(629,670)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(171,021)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">820,793</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(1,094,391)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(625,178)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(1,377,557)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(2,002,735)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
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       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">79,825</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">79,825</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">188,581</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">268,406</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Change of shareholding interest in&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">subsidiary</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">6,323</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">6,323</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">6,323</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 10px; vertical-align: middle; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total transactions with owners of </font><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">the Company</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">86,148</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">86,148</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">188,581</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">274,729</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total transactions with owners of the Company </font><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">contributions and distributions:</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">280,000</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">13,223</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">242,036</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(629,670)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(171,021)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">820,793</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(1,094,391)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(539,030)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(1,188,976)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(1,728,006)</font></p>







       </td>






      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding: 0px 6px 0px 2px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">8,682,544</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(93,917)</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">737</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">2,561,227</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">314,325</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">58,802</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">8,610,796</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">820,793</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">20,955,307</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">30,025,873</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; font-size: 6pt;">
<p style="margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">50,981,180</font></p>







       </td>






      </tr>














    </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>20</font></font></td>






       </tr>













     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






    </div>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: right;"><br></p>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Statement of changes in equity</font></p>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0px; margin: 0pt; line-height: inherit;"><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">(In thousands of&nbsp;</font><font style="color: #7dba00; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Reais)</font></font></p>






    </div>
<p style="margin:0pt"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 374px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Capital reserve</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td colspan="4" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Profit reserve</font></p>







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<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Share capital</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Treasury share</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Corporate transactions - Law 6404</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">/76</font></font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Additional paid-in capital</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Accumulated other comprehensive income</font></p>







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<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Legal</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Statutory reserve</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Accumulated loss</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Equity attributable to controlling shareholders</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Interest of non-controlling shareholders</font></p>







       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total equity</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 28.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">At</font><font style="font-weight: bold; line-height: inherit;"> January 1, 2024</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">682</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">544</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(93</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">917)</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">737</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">561</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">227</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">314</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">325</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">58</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">802</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">431</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">589</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">20</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">955</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">307</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">30</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">025</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">873</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; width: 6%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">50</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">981</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">180</font></font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(Loss) profit for the year</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(9,423,795)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(9,423,795)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">1,262,029</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(8,161,766)</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Other comprehensive income (note 17 (f))</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







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







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Loss from cash flow hedge</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(303,494)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(303,494)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(90,157)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(393,651)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Foreign currency translation differences</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">466,811</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">466,811</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">70,300</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">537,111</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">Actuarial gain on defined benefit plan,&nbsp;</font><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">net of tax</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">88,213</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">88,213</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">19,102</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">107,315</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt;"><font style="font-weight: bold; line-height: inherit;">Total comprehensive income (loss) </font><font style="line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">for the year</font></font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;text-align: right;font-family: 'times new roman', times;font-size: 6pt;font-family: 'times new roman', times;font-size: 6pt;"><font style="font-family: 'times new roman', times;font-size: 6pt;line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;font-family: 'times new roman', times;font-size: 6pt;"><font style="font-weight: bold;line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">251</font><font style="font-weight: bold;line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">,</font><font style="font-weight: bold;line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">530</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">423</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">795)</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">172</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">265)</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">261</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">274</font></font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(7</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">910</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">991)</font></font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt;"><font style="font-weight: bold; line-height: inherit;">Transactions with owners of the Company </font><font style="font-weight: bold; line-height: inherit;">contributions and distributions:</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Capital increase (note 17(a))</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">150,000</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(150,000)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(Loss) Gain on capital reduction in subsidiary</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(60,111)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(60,111)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(634,660)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(694,771)</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Own shares acquired</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(190,593)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(190,593)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(190,593)</font></p>







       </td>






      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Cancellation of treasury shares</font></p>







       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">118,975</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(118,975)</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Share based payments</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">114,827</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(202,625)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(87,798)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">13,367</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(74,431)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;font-family: 'times new roman', times;font-size: 6pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">Loss in dividend distribution to </font><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">non-controlling shareholders</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(712)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(712)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">1,141</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">429</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Dividends and allocation of results</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(566,401)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(566,401)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(2,382,267)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(2,948,668)</font></p>







       </td>






      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Business combination (note 9.2)</font></p>







       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">574,598</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">574,598</font></p>







       </td>






      </tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Disposals of assets held for sale</font></p>







       </td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(372,030)</font></p>







       </td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(372,030)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">Employee share schemes - value of employee services</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">29,819</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">29,819</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">4,330</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">34,149</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Total contributions and distributions</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">150</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">000</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">43</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">209</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(352</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">604)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(716</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">401)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(875</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">796)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">795</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">521)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">671</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">317)</font></font></p>







       </td>






      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Transactions with owners of the Company:</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







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







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;font-size: 8pt;font-family: 'times new roman', times;font-size: 6pt;"><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">Change of shareholding interest in&nbsp;</font><font style="line-height: inherit;font-family: 'times new roman', times;font-size: 6pt;">subsidiary (note 9.1)</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(3,482)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&#8212;</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(3,482)</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">2,972</font></p>







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







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">(510)</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt;"><font style="font-weight: bold; line-height: inherit;">Total transactions with owners of the&nbsp;</font><font style="line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Company</font></font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">482)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">482)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">972</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">(510)</font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt;"><font style="font-weight: bold; line-height: inherit;">Total transactions with owners of the Company </font><font style="font-weight: bold; line-height: inherit;">contributions and distributions:</font></font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">150</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">000</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">43</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">209</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(356</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">086)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(716</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">401)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(879</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">278)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">792</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">549)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">671</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">827)</font></font></p>







       </td>






      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;">&nbsp;</font></p>







       </td>






      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>







       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">832</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">544</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(50</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">708)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">737</font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">205</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">141</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">565</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">855</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">58</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">802</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">715</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">188</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">423</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">795)</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">10</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">903</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">764</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">28</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">494</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">598</font></font></p>







       </td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 6pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">39</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">398</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">362</font></font></p>







       </td>






      </tr>














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

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






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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






    </div>







   </div>






  </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="margin: 0pt; text-align: right; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_12_2712025184734783" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of cash flow</font></a></div>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais)</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 779px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1pt solid #000000;" colspan="3"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Parent Company</font></td>
<td style="vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1pt solid #000000;" colspan="3"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated</font></td>

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<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Note</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>

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<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 48%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cash flows from operating activities</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 12px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(Loss) profit before income taxes</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(8,893,751)</font></p>








</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">430,447</font></p>








</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(5,245,119)</font></p>








</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5,113,751</font></p>








</td>

</tr>
<tr style="background-color: #cceeff; height: 10px;">
<td style="padding-left: 18pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>








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








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








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








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








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








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








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








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








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








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Adjustments for:</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Depreciation and amortization</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">20</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">15,862</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">14,401</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,868,583</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,364,943</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Loss on disposed assets</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">21</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,155,400</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Impairment in associate</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">9.1</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4,672,396</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Interest in earnings (losses) of subsidiaries and associates</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">9.1</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2,960,668</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,236,069)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,719,031)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(350,399)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Interest in earnings (losses) of joint ventures</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">10</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">142,161</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(192,472)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,229,980</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,695,945)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Loss (gain) on disposed assets</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">21</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">16</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(13,563)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(141,863)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">17,016</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Share based payment</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">24 </font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">42,260</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">109,467</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">65,901</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">207,713</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Change in fair value of investment properties&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">11.5</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,273,033)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,259,924)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Provision for legal proceedings </font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">21</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">47,391</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">86,619</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">313,876</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">204,158</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Interest, derivatives, monetary and foreign exchange, net</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5,396,731</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,589,201</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">10,217,952</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">9,379,506</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Sectorial financial assets and liabilities, net</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.10</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(37,061)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(110,125)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Provisions for employee benefits</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">35,759</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">58,522</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">454,930</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">419,241</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Allowance for expected credit losses</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">52,839</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">74,706</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Profit on sale of investments</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">21</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">383,205</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Tax credit recovery</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(6,030)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(33,384)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Deferred income</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,318</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(597,998)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Revenue from finance investment</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,284,647)</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">90,599</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(49,502)</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(261,305)</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">278,427</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(162,304)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(202,949)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">15,734,938</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">12,727,039</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Variation in:</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Trade receivable </font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">546,218</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">573,737</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Inventories</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">159,667</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(83,166)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other taxes, net</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(73,093)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">66,903</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(354,401)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">454,941</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Income tax</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">136,338</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">92,318</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,487,693)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,272,145)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Related parties, net</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(68,543)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5,325</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">105,490</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(188,798)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Trade payables</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">972</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(117,333)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(180,867)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(252,810)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Employee benefits</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(59,409)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(45,897)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(542,241)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(356,210)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Provision for legal proceedings</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4,638</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(26,976)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(305,324)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(461,574)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Derivatives financial instruments</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(9,192)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2,894</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other financial liabilities</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(26,275)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(566,058)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Judicial deposits</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(11,194)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(36,036)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(149,118)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(22,862)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Post-employment benefits obligation</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(37,549)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(34,235)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other assets and liabilities, net</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(43,128)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(18,002)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(372,367)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(244,309)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(113,419)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(79,698)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(2,653,652)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(2,450,595)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net cash (used in) generated from operating activities</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(275,723)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(282,647)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">13,081,286</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">10,276,444</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cash flows from investing activities</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Capital contribution to associates</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">9.1</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(4,173,198)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,716,505)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(29,997)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(47,300)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Capital contribution in joint ventures</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">10</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(12,337)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(12,337)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Acquisition of subsidiary, net of acquired cash</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(608,132)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(567,577)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(962,378)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(702,577)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Purchase of marketable securities</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(44,698)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">72,305</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">551,003</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(507,976)</font></p>








</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Restricted cash</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">86,562</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(40,036)</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">42,012</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(60,498)</font></p>








</td>

</tr>










</table>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of cash flow</font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais)</font></p>
<table cellspacing="0" cellpadding="0" style="height: 681px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1pt solid #000000;" colspan="3"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Parent Company</font></td>
<td style="vertical-align: bottom; height: 10px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 10px; text-align: center; border-bottom: 1pt solid #000000;" colspan="3"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated</font></td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Note</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="vertical-align: bottom; height: 17px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Dividends received from associates&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">17</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">3,138,556</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">855,188</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,018,794</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">254,905</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Dividends received from joint venture</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">17</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">228,342</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">351,092</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">293,912</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">906,534</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Dividends received from finance investment</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,305,410</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Acquisition of instruments designated at fair value</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(621)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(7,485)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Cash in the incorporation operation</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">352</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 9pt;"><font style="font-family: 'times new roman', times; line-height: inherit;">Proceeds from capital contributions </font><font style="font-family: 'times new roman', times; line-height: inherit;">by non-controlling shareholders</font></font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">9.1</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,137,186</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">16,088</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">99,040</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Acquisition of property, plant and equipment, intangible and contract assets</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(13,435)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(7,209)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(7,834,521)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(6,267,962)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Proceeds from the sale of investments</font></p>








</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">16,847</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">15,000</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2,725,625</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">645,772</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Net cash from sale of discontinued operations</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">24,510</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">62,700</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Acquisition of shares in associates</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(17,047)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Receipt of derivative financial instruments, except debt</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">162,114</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">103,147</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">168,308</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payment of derivative financial instruments, except debt</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(338,609)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(145,308)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(427,293)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(156,600)</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Cash received on the sale of property, plant and equipment and intangible assets</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">36,934</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4,637</font></p>








</td>

</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net cash used in investing activities</font></p>








</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="border-top-width: 0.5pt; margin: 0pt; padding-top: 1pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(582</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">564)</font></font></p>








</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">004</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">848)</font></font></p>








</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">488</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">257)</font></font></p>








</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">303</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">092)</font></font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 48%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 8%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 10%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 10%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 10%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="vertical-align: bottom; width: 10%; height: 17px;"><br></td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cash flows from financing activities</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Proceeds from loans, borrowings and debentures</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.4</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">6,911,676</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">8,636,528</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">16,983,225</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">12,785,628</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Principal repayment of loans, borrowings and debentures</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.4</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,160,058)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(579,942)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(12,187,560)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(8,054,763)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payment of interest on loans, borrowings and debentures</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.4</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,697,950)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(973,919)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(4,759,976)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(3,552,292)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payment of derivative financial instruments</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(589,868)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(787,608)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,860,601)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,851,267)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Proceeds from derivative financial instruments</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">249,677</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">789,574</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,144,473</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,193,534</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Costs of banking operations with derivatives</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(29,828)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(586,855)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Principal repayment of leases </font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.5</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(6,532)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(5,524)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(694,340)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(490,012)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payment of interest on leases </font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5.5</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(3,015)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(3,615)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(377,269)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(236,948)</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt;"><font style="font-size: 9pt;"><font style="font-family: 'times new roman', times; line-height: inherit;">Proceeds from capital contributions by </font><font style="font-family: 'times new roman', times; line-height: inherit;">non-controlling shareholders</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(24,281)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Capital reduction</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(204,967)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Related parties</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,405,138)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(3,534,080)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payments to redeem entity&#8217;s shares and acquisition of treasury shares</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(192,915)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(192,915)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(103,283)</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Dividends paid</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">17</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(838,971)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(798,203)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,779,081)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(2,582,447)</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Dividends paid for preferred shares</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">17</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(668,022)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Gain on banking operations with derivatives</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">20,993</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Payment of share-based compensation</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(13,597)</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Net cash generated from (used in) financing activities</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="border-top-width: 0.5pt; margin: 0pt; padding-top: 1pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">266</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">906</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="border-top-width: 0.5pt; margin: 0pt; padding-top: 1pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">743</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">211</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="border-top-width: 0.5pt; margin: 0pt; padding-top: 1pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(6</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">605</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">868)</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="border-top-width: 0.5pt; margin: 0pt; padding-top: 1pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">516</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">583)</font></font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Increase in cash and cash equivalents</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">408</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">619</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">455</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">716</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">987</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">161</font></font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">456</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">769</font></font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents at the beginning of the year</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">769</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">976</font></font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">348</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">461</font></font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">14</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">658</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">481</font></font></p>








</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">13</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">301</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">716</font></font></p>








</td>

</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Effect of the foreign exchange rate changes</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">22,672</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(34,201)</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">257,900</font></p>








</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(100,004)</font></p>








</td>

</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents at the end of the year</font></p>








</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">2,201,267</font></p>








</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">1,769,976</font></p>








</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">16,903,542</font></p>








</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">14,658,481</font></p>








</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Additional information</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Income taxes paid</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,200,228</font></p>








</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>








</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">361,726</font></p>








</td>

</tr>










</table>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></p>







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

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>23</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><br></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of cash flow</font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais)</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-style: italic; font-weight: bold; line-height: inherit;">Non-cash transactions:</font></font></p>
<p style="margin: 10pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company presents its individual and consolidated statements of cash flows using the indirect method. During the year ended December 31, 2024, the Company carried out the following transactions that did not involve cash and, therefore, are not reflected in the parent company and consolidated statement of cash flows:</font></p>
<table style="width: 100%; height: 78px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 32px;">
<td style="width: 6.44508%; height: 32px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93.5549%; height: 32px; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Recognition of right-of-use as a counterpart to the lease liability in the amount of R$1,179,931 (R$2,037,779 on December 31, 2023), resulting from the application of inflation indexes and new contracts classified under the leasing rule (Note 11.4).</font></td>







</tr>
<tr style="height: 16px;">
<td style="height: 16px; vertical-align: top; width: 6.44508%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify; width: 93.5549%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Acquisition of property, plant and equipment and intangible assets with payment in installments R$1,330,439 (R$860,551 on December 31, 2023).</font></td>







</tr>
<tr style="height: 16px;">
<td style="height: 16px; vertical-align: top; width: 6.44508%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 16px; vertical-align: top; text-align: justify; width: 93.5549%;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the subsidiary Compass&nbsp;</font>G&#225;s<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;e&nbsp;</font>Energia<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;S.A. (&#8220;Compass&#8221;), there are remaining installments relating to the acquisition of&nbsp;</font>Companhia<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;</font>Paranaense<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;de&nbsp;</font>G&#225;s<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;(&#8220;</font>Compagas<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8221;) in the amount of R$595,567, which will be settled by September 2026.</font></font></td>







</tr>
<tr style="height: 14px;">
<td style="height: 14px; vertical-align: top; width: 6.44508%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="height: 14px; vertical-align: top; text-align: justify; width: 93.5549%;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Capital reduction payable in the amount of R$1,500,000 and R$1,320,000, in the subsidiaries Compass and </font>Cosan Dez Participa&#231;&#245;es<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> S.A. (&#8220;</font>Cosan Dez<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8221;), respectively, no changes in shareholdings.</font></font></td>







</tr>















</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Disclosure of interest and dividends:</font></p>
<p style="margin: 10pt 0pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends and interest on equity capital received are classified as cash flow from investing activities by the Company. Dividends and interest received or paid are classified as cash flow from financing activities.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>24</font></font></td>







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







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</div>







</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin: 0pt; color: rgb(0, 0, 0); text-align: right;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#TOC" name="Bsd_12_2712025184647885" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;">Statement of value added</font></a></div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais)</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="height: 772px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>


</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>


</td>

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<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Revenue</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net sales </font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49,217,999</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,290,457</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other income (expenses), net</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(79,955)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,940)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,284,390</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,282,834</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment gain (loss) on trade receivables</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,279</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(74,706)</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(79,955)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(23,940)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">51,527,668</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">50,498,585</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Inputs purchased from third parties</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of goods sold and services rendered</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,288,059</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,155,268</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Materials, energy, third-party services and other</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,083</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">145,668</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,324,006</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,782,239</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">160,083</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">145,668</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,612,065</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,937,507</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gross value added</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(240,038)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(169,608)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,915,603</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,561,078</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Retention</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation, amortization and impairment</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,862</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,401</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,023,983</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,364,943</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net value added</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(255,900)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(184,009)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,891,620</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,196,135</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Value added transferred in</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment in associate</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,672,396)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in earnings (losses) of subsidiaries and associates</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,960,668)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,236,069</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,719,031</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">350,399</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest in earnings (losses) of joint ventures</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,161)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">192,472</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,229,980)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,695,945</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profit for the year from discontinued operation, net of tax</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,875</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,419</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finance income</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">291,426</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">829,235</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,655,899</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,028,134</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,626,316)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,273,430</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,253,571)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,119,897</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Value added to be distributed</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,882,216)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,089,421</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,638,049</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23,316,032</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Distribution of value added</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Personnel and payroll charges</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">179,023</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">296,827</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,677,572</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,608,269</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Direct remuneration</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">138,983</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">275,868</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,144,502</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,093,703</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Benefits</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,803</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,191</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">411,539</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">401,914</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">FGTS and other</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,237</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,768</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121,531</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,652</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Taxes, fees and contributions</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">774,511</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(622,481)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,635,556</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,781,623</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Federal</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">755,026</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(627,134)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,287,771</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,777,439</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">State</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,183,301</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,764,109</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Municipal</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,485</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,653</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">164,484</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">240,075</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial expenses and rents</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,588,045</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,320,684</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,486,687</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,041,396</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest and foreign exchange variation</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,538,694</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,408,020</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,326,038</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,188,657</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rents</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,613</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">141,440</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49,351</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(87,336)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,036</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">711,299</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity Remuneration</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,423,795)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,094,391</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,262,029</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,790,353</font></p>


</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,598</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>


</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,598</font></p>


</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Retained (losses) profits</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,608,882)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,139</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,697,670)</font></p>


</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">775,374</font></p>


</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profit for the year from discontinued operation, net of tax</font></p>


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>


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


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>


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


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,875</font></p>


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


</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,419</font></p>


</td>

</tr>




</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<p style="font-size: 12pt; line-height: 115%; margin: 0pt 0pt 10pt 36pt; text-indent: -36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The accompanying notes are an integral part of these individual and consolidated financial statements.</font></font></p>
<div>
<table style="width: 100%; font-family: &quot;times new roman&quot;; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>25</font></font></td>

</tr>



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

</div>


</div>

</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></p>
<div style="margin: 6pt 0pt; break-before: page; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BR1_271202518383693" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">1. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">OPERATIONS</font></font></a></div>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan S.A. (&#8220;Cosan&#8221; or &#8220;the Company&#8221;) is a publicly traded company at B3 S.A. - Brasil, Bolsa, Balc&#227;o (&#8220;B3&#8221;) in the special New Market (Novo Mercado) segment under the ticker &#8220;CSAN3&#8221;. The Company's American Depositary Shares (&#8220;ADSs&#8221;) are listed on the New York Stock Exchange, or &#8220;NYSE&#8221;, and are traded under the ticker &#8220;CSAN&#8221;. Cosan is a corporation (sociedade an&#244;nima) of indefinite term incorporated under the laws of Brazil, with its registered office in the city of S&#227;o Paulo, state of S&#227;o Paulo. Mr. Rubens Ometto Silveira Mello is the ultimate controlling shareholder of Cosan.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As at December 31, 2024, Corporate Cosan (Corporate segment) is formed by the following entities:</font></p>
<p style="margin: 0px; text-indent: 0px; line-height: 1.2; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><img src="img8ef1b239604f4138961a.jpg" alt="Graphics"></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; width: 5%;" valign="top"><font style="text-align: justify; text-indent: -48px;">(i)</font></td>
<td style="margin: 0px; text-indent: 0px; width: 95%;"><font style="text-align: justify; text-indent: -48px;">Parent company with direct or indirect equity interest in subsidiaries and joint ventures. The main effects on its profit or loss are general and administrative expenses, contingencies, equity income and financial results attributed to loans.</font></td>























</tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -48px;">(ii)</font></td>
<td><font style="text-align: justify; text-indent: -48px;">Bradesco BBI S.A. (&#8220;Bradesco&#8221;) holds preferred shares corresponding to a 23.20% stake in Cosan Dez, which has a direct 88% stake in Compass.</font></td>























</tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -48px;">(iii)</font><font style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; text-align: justify; text-indent: -48px; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></td>
<td><font style="text-align: justify; text-indent: -48px;">Ita&#250; Unibanco S.A. (&#8220;Ita&#250;&#8221;) holds preferred shares corresponding to a 26.91% stake in Cosan Nove Participa&#231;&#245;es S.A. (&#8220;Cosan Nove&#8221;), which has a direct 39.09% stake in Ra&#237;zen S.A. (&#8220;Ra&#237;zen&#8221;).</font></td>























</tr>
<tr>
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -48px;">(iv)</font><font style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; text-align: justify; text-indent: -48px; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></td>
<td><font style="text-align: justify; text-indent: -48px;">Cosan Oito S.A. (&#8220;Cosan Oito&#8221;), a subsidiary of Cosan S.A. that held a stake with significant influence in Vale S.A. (&#8220;Vale&#8221;), was merged into Cosan S.A. on January 8, 2025, as detailed in Note 25.</font></td>























</tr>















































</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>26</font></font></td>























</tr>















































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























</div>























</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BR2_271202518402269" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BR3_2712025184012861" class="customBookmark"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">2</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">RECENT DEVELOPMENTS AND OTHER INFORMATION</font></a></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">2.1</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> RELEVANT EVENTS</font></font></p>
<p style="margin: 10pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">COSAN CORPORATE</font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">DISTRIBUTION OF DIVIDENDS AND INTEREST ON EQUITY OF VALE</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">During the year ended December 31, 2024, Vale's Board of Directors approved three distributions of remuneration to shareholders:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times in roman; font-size: 10pt; margin: 6pt 0pt 6pt 24.7pt; padding-left: 25.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">February 22: Dividends of R$11,721,894, paid on March 19. The subsidiary Cosan Oito received R$577,469.</font></li>
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 27.14pt; padding-left: 23.06pt; text-align: justify; text-indent: 0pt; font-family: times in roman;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">July 25: Interest on equity (&#8220;JCP&#8221;) of R$8,940,158, paid on September 4. The subsidiary Cosan Oito received R$315,622, net of withholding taxes.</font></li>
<li style="font-family: times in roman; font-size: 10pt; margin: 6pt 0pt 6pt 29.59pt; padding-left: 20.61pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">November 28: JCP of R$2,222,163, to be paid on March 14, 2025. The Company will receive R$78,465, net of withholding taxes.</font></li>
























</ol>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">UNWIND VALE S.A. OPERATIONS</font></p>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 42.72pt; orphans: 0; padding-left: 7.48pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Collar Financing</font></li>
























</ul>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">During the first months of 2024, as shown in the table, the company brought forward the debts linked to the Vale operation, and in April 2024 100% of the debts and collar financing derivatives linked to the operation were settled.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 96px; width: 100%;" width="100%">

<tr style="height: 31px;">
<td style="vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan ownership interest</font></p>
























</td>
<td style="vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 31px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Debt settlement</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cash Effect</font></p>
























</td>
<td style="vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 31px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>























</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 34%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Base date</font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Direct</font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-style: italic; font-weight: bold; line-height: inherit;">Collar-related</font></font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Principal</font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>
























</td>
<td style="vertical-align: bottom; width: 1%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Gain settlement Collar&nbsp;<sup>(ii)</sup></font></font></p>
























</td>























</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">January, 2024</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.62%</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.03%</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.65%</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,698,606)</font></p>
























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(49,773)</font></p>
























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">188,140</font></p>
























</td>























</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">February, 2024</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.91%</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.74%</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.65%</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,067,956)</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(63,689)</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">303,431</font></p>
























</td>























</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">April, 2024&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.91%</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.91%</font></p>
























</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,918,773)</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(65,880)</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: right; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">331,116</font></p>
























</td>























</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp; </font><font style="font-weight: bold; line-height: inherit;">(179</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">342)</font></font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-weight: bold; line-height: inherit;">822</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">687</font></font></p>
























</td>























</tr>
















































</table>
<p style="margin: 6pt 0pt 6pt 54pt; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i)<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>On April 19, 2024, the Company concluded the sale of 33,524,185 shares, equivalent to 0.78% of Vale's voting share capital.</font></p>
<p style="margin: 6pt 0pt 6pt 54pt; text-align: justify; text-indent: -36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(ii)<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>The gain mentioned in this settlement was recognized in the financial results for the year.</font></p>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 42.17pt; orphans: 0; padding-left: 7.48pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Call Spread</font></li>
























</ul>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 8, 2024, the Company settled in advance the first tranche of the Call Spread derivative structure, equivalent to 10,785,830 shares, or 0.24% of Vale's total shares. This operation eliminated the maturities in 2024 and generated a cash inflow of R$ 14,499, against a loss of R$ 82,265.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 35px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan interest</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Settlement gain/loss </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Call Spread</font></p>
























</td>























</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 20%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Base date</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 19%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">% Settled in advance</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 19%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-style: italic; font-weight: bold; line-height: inherit;">% Remaining</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 19%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cash effect</font></p>
























</td>
<td style="vertical-align: bottom; height: 10px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 19%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Profit or loss &#8211; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Finance results</font> </font></p>
























</td>























</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May, 2024</font></p>
























</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.24%</font></p>
























</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.34%</font></p>
























</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,499</font></p>
























</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(82,265)</font></p>
























</td>























</tr>
















































</table>























<br></div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>27</font></font></td>























</tr>















































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>























</div>























</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;">
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">VALE'S INVESTMENT IMPEARMENT</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 31, the Company tested Vale for impairment and recognized a provision in the amount of R$4,672,396 as per note 9.4(b). </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">INTERNALIZATION OF SENIOR NOTES 2031</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On February 16, 2024, the Company internalized the remaining funds from the Senior Notes due 2031, through the issuance of Loan 4131 by Cosan, in the amount of U.S.$600,000 thousand, or R$2,982,600, with an annual coupon of 6.6% for the first four semesters and interest payment of 7.25% p.a. for the others. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On the other hand, Cosan Luxembourg S.A. (&#8220;Cosan Luxembourg&#8221;) contracted a Time Deposit (&#8220;TD&#8221;) with the same amount and counterparty in US dollars, with semi-annual payment frequency and annual remuneration of 7.25%, having as underlying asset the issue of Loan 4131. For more information, see note 5.4 (e).</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">CAPITAL INCREASE AND REDUCTION AT COSAN </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">OITO</font> </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 1, 2024, the Extraordinary General Meeting (&#8220;EGM&#8221;) approved the capital increase of the subsidiary Cosan Oito in the amount of R$6,452,500. Of this amount, R$2,382,500 was received in 2023 through an Advance for future capital increase (&#8220;AFAC&#8221;), and the balance of R$4,070,000 was received in 2024.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 23, 2024, the Annual and Extraordinary Shareholders' Meeting ("AGM") approved the capital reduction of the subsidiary Cosan Oito in the amount of R$730,000, without cancellation of shares and change in the company's equity interest.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Observing the 60-day period for creditors' opposition, the transaction was completed on July 24, 2024, with the full return of the amount to Cosan.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CHANGES TO COSAN'S EXECUTIVE BOARD</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of November 1, 2024, Mr. Nelson Roseira Gomes Neto stepped down the position of Chief Executive Office of Cosan and became the Chief Executive Office of Ra&#237;zen. On the same date, Mr. Marcelo Eduardo Martins stepped down as Chief Strategy Officer and became the new Chief Executive Office of Cosan.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">REDUCTION OF SHARE CAPITAL COSAN DEZ</font></p>
<p style="margin: 6pt 0pt 10pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 26, 2024, Cosan Dez Participa&#231;&#245;es S.A. approved at an Extraordinary General Meeting the reduction of share capital in the amount of R$1,320,000, as it was considered excessive in accordance with article 173 of Law 6,404/76. The amount of the reduction will be returned to the shareholders in the proportion that they hold in the share capital of Cosan Dez and will be paid by December 31, 2025. The Company will receive the amount of R$1,013,760.</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">COMPASS</font></p>
<p style="margin: 10pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">COMPASS DIVIDEND RESOLUTION</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On March 27, 2024, the Board of Directors of the indirect subsidiary Compass approved the distribution of dividends in the amount of R$1,500,000. The payment took place on April 12, 2024, and the amount received by the subsidiary Cosan Dez was R$1,320,000.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">START OF OPERATIONS TRSP</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In 2024, there was the start of operations of TRSP - Terminal de Regaseifica&#231;&#227;o de S&#227;o Paulo S.A. (&#8220;TRSP&#8221;), whose operating and service model includes strategic LNG infrastructure and logistics assets.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The start of operations was mainly due to the completion of the LNG regasification terminal, located in Santos/SP. As shown in note 11.1, this asset was transferred from &#8220;work in progress&#8221; to the relevant asset classes.</font></p>
<p style="font-size: 12pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CAPITAL REDUCTION</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 30, 2024, the Extraordinary Shareholders' Meeting approved a capital reduction of R$1,500,000, as it was considered excessive, in accordance with article 173 of the Brazilian Corporate Law. The reduction will be carried out with a cash refund to the shareholders, without the cancellation of shares. On November 27, 2024, all the conditions precedent for the implementation and payment of the capital reduction were met. Payment is due by December 31, 2025.</font></p>
<p style="font-size: 12pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ACQUISITION OF COMPAGAS SHARES</font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On September 16, 2024, the indirect subsidiary Compass Dois Ltda (&#8220;Compass Dois&#8221;) concluded the acquisition of a 51% equity interest, and control, in Companhia Paranaense de G&#225;s - COMPAGAS ("Compagas") for the amount of R$962,125. For more details, see note 9.2.</font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 10pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">NORG&#193;S &#8211; COMPLETION OF THE SALE OF ASSETS HELD FOR SALE</font></p>
<p style="margin: 6pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 6, 2024, the indirect subsidiary Compass concluded the full sale of its 51% stake in Norg&#225;s S.A. (&#8220;Norg&#225;s&#8221;), in the amount of R$629,155, as disclosed in note 8.</font></p>

















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<p style="margin: 10pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">MOOVE</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">MOOVE DIVIDEND RESOLUTION</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 12, 2024, the Board of Directors of the subsidiary Moove Lubricants Holdings (&#8220;MLH&#8221;) approved the distribution of dividends in the amount of US$167,003 thousand, equivalent to R$900,000. The payment took place on June 21, 2024 and the Company received the amount of US$116,903 thousand, equivalent to R$630,000.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">IPO MOOVE</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On October 1, 2024, Moove announced its initial public offering of 25,000,000 shares of common stock pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission. However, on October 9, 2024, due to adverse capital market conditions and the deterioration of risk perception indicators on the global stage, Moove decided not to proceed with the initial public offering. The costs related to the preparation of the offering, including the expenses with the Stock Option Plan, totaling R$155,654, were recognized in the profit or loss in the fourth quarter of 2024.<br></font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">RUMO</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">RENEWAL OF THE SUDAM TAX BENEFIT</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 20, 2023, Rumo Malha Norte S.A. (&#8220;Rumo Malha Norte&#8221;) submitted to the Brazilian Federal Revenue Service (&#8220;RFB&#8221;) the constitutive report number 143/2023, issued by the Superintendency for the Development of the Amazon (&#8220;SUDAM&#8221;) on December 6, 2023, attesting to the fulfillment of the legal conditions and requirements required to renew the tax benefit for another 10 years. In view of the above, the RFB, in the use of its powers, decided on March 13, 2024, through executive declaratory act number 024213308, to recognize the right to a 75% reduction in income tax and the additional taxes referred to in Article 1 of Provisional Measure No. 2,199-14, of August 24, 2001, calculated on the basis of operating profit, for the legal entity Rumo Malha Norte.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">RUMO'S JOINT VENTURE WITH CHS FOR NEW TERMINAL IN SANTOS</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On March 25, 2024, the companies Rumo S.A. and EMBRAPORT - Empresa Brasileira de Terminais Portu&#225;rios S.A. (&#8220;EMBRAPORT&#8221;) signed a binding agreement for the implementation of a new port terminal for handling grains and fertilizers in the port of Santos. The estimated investment for the construction of the Terminal is R$2,500,000 and will be financed with loans, in addition to potential strategic partnerships.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 7, 2024, as announced to the market, the subsidiary Rumo signed a strategic partnership for the development of the new port terminal.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo and CHS Agroneg&#243;cio &#8211; Ind&#250;stria e Com&#233;rcio Ltda. (&#8220;CHS&#8221;), a subsidiary of CHS Inc., entered into a binding agreement to create a joint venture that will implement the new Terminal, located in the area of EMBRAPORT, a company part of DP World Limited.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Terminal will have the capacity to handle up to 12.5 million tons per year, of which 9 million tons will be grain and 3.5 million tons fertilizer. The start of construction is subject to compliance with conditions precedent, such as environmental licensing and legal and regulatory approvals.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">CONCLUSION PRICE ADJUSTMENT FOR THE SALE OF ELEVA&#199;&#213;ES PORTU&#193;RIAS S.A.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 30, 2024, CLI SUL S.A. (&#8220;CLI SUL&#8221;) completed the process of incorporating Eleva&#231;&#245;es Portu&#225;rias S.A. (&#8220;EPSA&#8221;), after obtaining the necessary regulatory approvals. As a result of this corporate reorganization, Rumo received R$168,855 from CLI SUL on the same date. This amount refers to the additional acquisition price that CLI SUL undertook to pay Rumo, under the terms of the share purchase agreement signed between the parties on July 15, 2022, and corresponds to 20% of the outstanding balance of the acquisition financing, plus accrued interest and other charges, less the cash held by CLI SUL.</font></p>
<p style="margin: 6pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">After the merger, CLI SUL's shareholders became Corredor Log&#237;stica e Infraestrutura S.A. (&#8220;CLI&#8221;) and Rumo, with the shareholding split remaining at 80% for CLI and 20% for Rumo.</font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ADDENDUM TO THE RUMO MALHA PAULISTA CONCESSION CONTRACT</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 28, 2024, the subsidiary Rumo signed with the Federal Government, through the National Land Transport Agency (&#8220;ANTT&#8221;), the 6th Amendment to the Concession Agreement of the indirect subsidiary Rumo Malha Paulista.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In order to update the Book of Obligations, the indirect subsidiary Rumo Malha Paulista will need to restore the economic and financial balance of the contract in an amount estimated at approximately R$1,170,000, of which R$500,000 will be converted into investments in its railway network and the rest will be paid in 4 annual installments of R$167,500. The value of each annual installment will be adjusted by the accumulated variation of the IPCA between June 2023 and two months prior to the date of actual payment.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">SALE OF SHARES IN TERMINAL XXXIX</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On May 29, 2024, the subsidiary Rumo entered into a share purchase agreement, selling 50% of its equity stake in Terminal XXXIX de Santos S.A. (&#8220;T-XXXIX&#8221;) to a consortium formed between Bunge Alimentos S.A. and Zen-noh Grain Corporation, as disclosed in a material fact on the same date.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The sale of the stake in T-XXXIX represents a move towards financial discipline and capital recycling, strengthening the company's cash position so that it can concentrate its efforts on projects that support the ongoing capacity increase program and strengthen the structural competitiveness of the rail modal.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The effectiveness of the operation depends on compliance with the binding conditions set out in the instrument, which has not yet occurred as of December 31, 2024.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EARLY REDEMPTION OF DEBENTURES - RUMO MALHA PAULISTA S.A. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On June 26, 2024, the indirect subsidiary Rumo Malha Paulista made the optional early redemption of R$757,944, the total amount of the first series of the 2nd issue of simple debentures, not convertible into shares, of the unsecured type.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On redemption, the debenture holders received: (a) the balance of the nominal unit value of the debentures of the first series; (b) the remuneration of the first series, calculated <font style="font-style: italic; line-height: inherit;">pro rata temporis</font>, since June 17, 2024; and (c) a premium of 0.25% on the redemption value, multiplied by the remaining term of the debentures.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 29, 2024, Rumo Malha Paulista made the optional early redemption of R$790,084, the total amount of the 3rd issue of simple debentures, not convertible into shares. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On redemption, the debenture holders received: (a) the balance of the nominal unit value of the first series debentures; (b) the remuneration of the first series, calculated pro rata temporis, from April 15, 2024 until the date of the optional early redemption; and (c) a premium of 0.30% on the redemption value, multiplied by the remaining term of the debentures.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">PROVISION OF ASSET WRITE-OFFS AND IMPAIRMENT LOSS OF RUMO MALHA SUL</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the second quarter of 2024, Rio Grande do Sul was impacted by extreme weather events, which damaged the railway infrastructure of the indirect subsidiary Rumo Malha Sul S.A. (&#8220;Rumo Malha Sul&#8221;).</font></p>
<p style="margin: 6pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Given this context, and in accordance with Circular Letter No. 01/2024-CVM/SNC/SEP, Management brought forward the recoverability test of Rumo Malha Sul's permanent assets (fixed assets, intangibles and rights of use). Considering the climatic events and their impact on the term of use of the assets, Rumo made a provision of R$2,967,202 see Note 11.1. In addition, a provision was recognized to write off the residual value of the assets in the amount of R$182,041.</font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">RADAR</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">SALE</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">S </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">OF AGRICULTURAL PROPERT</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">IES</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">During 2024, Radar segment subsidiaries made the following sales of rural properties:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Company</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Date</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Farm</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">City / State</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Hectares</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Crop</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Value</font></p>
























</td>























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 33%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jequitib&#225;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">07/19/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vista Alegre</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 15%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ara&#231;atuba - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,124</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 10%; text-align: left; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sugarcane</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">213,000</font></p>
























</td>























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Esus Brasil </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/03/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Santo Ant&#244;nio</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Martin&#243;polis - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,399</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">172,000</font></p>
























</td>























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Duguetiapar</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/08/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">S&#227;o Jorge</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Paragua&#231;&#250; Paulista - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">579</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; text-align: left; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sugarcane</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,093</font></p>
























</td>























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Duguetiapar</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/15/2024</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Echapor&#226; - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">567</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,907</font></p>
























</td>























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tellus Bahia</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11/29/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gr&#227;o de Ouro</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Correntina - BA</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,883</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393,500</font></p>
























</td>























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nova Santa B&#225;rbara</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12/20/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monte Belo</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monte-Mor - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">782</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,840</font></p>
























</td>























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nova Amaralina</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12/20/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Santo Ant&#244;nio</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monte-Mor - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,950</font></p>
























</td>























</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nova Amaralina</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12/20/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capuava</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Santa B&#225;rbara D'Oeste - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; text-align: left; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sugarcane</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,210</font></p>
























</td>























</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Terrainvest</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12/23/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">S&#227;o Luiz</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dois C&#243;rregos - SP</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46</font></p>
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,157</font></p>
























</td>























</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























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
























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
























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
























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
























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
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">932,657</font></p>
























</td>























</tr>
















































</table>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">RA&#205;ZEN</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">EXCLUSION OF ICMS FROM THE CALCULATION BASIS OF PIS AND COFINS</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On April 10, 2024, the jointly controlled subsidiary Ra&#237;zen, through the subsidiary Blueway Trading Importa&#231;&#227;o e Exporta&#231;&#227;o S.A. (&#8220;Blueway&#8221;), obtained the RFB's approval of the tax credit request, determining the exclusion of ICMS from the <font style="font-style: italic; line-height: inherit;">Programa</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Integra&#231;&#227;o</font><font style="font-style: italic; line-height: inherit;"> Social</font> (&#8220;PIS&#8221;) and <font style="font-style: italic; line-height: inherit;">Contribui&#231;&#227;o</font><font style="font-style: italic; line-height: inherit;"> para </font><font style="font-style: italic; line-height: inherit;">Financiamento</font><font style="font-style: italic; line-height: inherit;"> da </font><font style="font-style: italic; line-height: inherit;">Seguridade</font><font style="font-style: italic; line-height: inherit;"> Social</font> (&#8220;COFINS&#8221;) calculation basis in the amount of R$1,824,019, which impacted the equity income for the year by R$563,075.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">DISTRIBUTION OF RA&#205;ZEN DIVIDENDS</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On July 30, 2024, the Board of Directors of the joint subsidiary Ra&#237;zen approved the distribution of additional dividends in the amount of R$103,488. The amount declared corresponds entirely to dividends in the total amount of R$0.01001412421 per share, excluding treasury shares. The additional dividends herein declared will be paid by the company in a single installment, until the end of the fiscal year ending on March 31, 2025.</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">IMPACT OF INTERNATIONAL CONFLICTS </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company continues to monitor the impacts of the war in Ukraine, as well as the unfolding of the conflict in the Middle East, as these are far-reaching events on the global economy and, therefore, on companies' financial reports.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The consequences of the war on the Financial Statements, mainly considering the impacts on key judgments and significant estimates, in addition to the operations that may be affected, are:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times in roman; font-size: 10pt; margin: 6pt 0pt 0pt 43.7pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Volume of fertilizers transported; </font></li>
<li style="font-family: times in roman; font-size: 10pt; margin: 0pt 0pt 0pt 43.7pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sugarcane production, due to unfavorable conditions for obtaining fertilizer; </font></li>
<li style="font-family: times in roman; font-size: 10pt; margin: 0pt 0pt 0pt 43.7pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Increase in oil prices, as a result of a more limited supply of Russian oil, may lead to a decrease in our margins and pressure on the costs of acquiring basic inputs, such as diesel oil; </font></li>
<li style="font-family: times in roman; font-size: 10pt; margin: 0pt 0pt 0pt 43.7pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debt and third-party capital for our financing and investment activities, impacted by the measures of the Brazilian government and the Central Bank of Brazil to contain inflation, such as the increase in the basic interest rate; </font></li>
<li style="font-family: times in roman; font-size: 10pt; margin: 0pt 0pt 6pt 43.7pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition of railroad tracks by Rumo: although Rumo is able to obtain railroad tracks from other non-Russian suppliers, the prices charged and the terms required by these suppliers may be unfavorable in relation to the commercial conditions practiced in the past.</font></li>
























</ol>
<p style="margin: 6pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Up until now, there have been no impacts on the annual financial statements. The Cosan Group will continue to monitor the facts about the conflicts, with a view to potential impacts on the business and, consequently, on the financial statements.<br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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























</tr>















































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>























</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 10pt; line-height: 10pt; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2.2 NEW DEBTS</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 429px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segment / Modalities</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Date</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Incidence of interest</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Funding costs</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Value</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 30%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>
























</td>
<td style="vertical-align: bottom; width: 10%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; width: 10%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; width: 20%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; width: 10%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: bottom; width: 10%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">02/16/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.25% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,408</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; 2,982,600</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/27/2031 </font></p>
























</td>

</tr>
<tr style="height: 19px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131<font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(i)</font></sup></font></font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">02/16/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.60% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,982,600</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/27/2031</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/28/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.00% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,563</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 725,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/28/2029</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/28/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.50% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,706</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 725,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/28/2034</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/18/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI + spread 0.50% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,554</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,500,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">01/08/2028</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/18/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI + spread 0.72% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,891</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 500,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">01/08/2030</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/18/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI + spread 1.30% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,922</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 500,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">01/08/2035</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compass</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">02/29/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">DI + spread 0.80% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,196</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,500,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/15/2029</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/15/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.08% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,173</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 1,500,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/15/2029</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/21/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yearly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.88% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 423,393 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/31/2025</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">07/16/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.38% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,995</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 750,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">07/15/2034</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">07/16/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.45% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,733</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 750,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">07/15/2039</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/10/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.20% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">468</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 235,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10/10/2025</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Export Prepayment</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/14/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR-06 + 1.30%</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 536,240 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/14/2027</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit Note</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/14/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yearly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR + 1.30%</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 269,456 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/14/2027</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Working capital</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/14/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Quarterly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SONIA + 1.30%</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 242,396 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/01/2026</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/25/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.79% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,739</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 532,243 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/15/2034</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/25/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.92% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,552</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 667,757 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">03/15/2039</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/26/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.42% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,869</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 547,950 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/26/2034</font></p>
























</td>

</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/26/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.53% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,218</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 156,050 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">06/26/2039</font></p>
























</td>

</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">08/29/2024</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Six-monthly</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.05% p.a.</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt 0pt 0pt 35.4pt; text-align: right; text-indent: -35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,837</font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 800,000 </font></p>
























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">08/29/2036</font></p>
























</td>

</tr>


























</table>























</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 5pt 0pt 0pt 50.2pt; orphans: 0; text-indent: -36pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i)<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Debt offset with assets in the balance sheet, see note 5.4 (e)</font></p>
<p style="margin: 0pt 0pt 0pt 50.2pt; orphans: 0; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 0pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BR5_2712025184030486" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">3</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">STATEMENT OF COMPLIANCE AND </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">MATERIAL </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ACCOUNTING POLICIES</font></font></a></div>
<p style="margin: 0pt 0pt 0pt 14.2pt; orphans: 0; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3.1 STATEMENT OF COMPLIANCE</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These individual and consolidated financial statements were prepared and are being presented in accordance with Brazilian accounting practices, which include the Brazilian Corporate Law, the rules of the Brazilian Securities Commission ("CVM"), and the pronouncements of the Accounting Pronouncements Committee (<font style="font-style: italic; line-height: inherit;">Comit&#234;</font><font style="font-style: italic; line-height: inherit;"> de Pronunciamentos </font><font style="font-style: italic; line-height: inherit;">Cont&#225;beis</font> ("CPC")), as well as international accounting standards (International Financial Reporting Standards, or "IFRS") issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The presentation of individual and consolidated Value-Added Statements (&#8220;VAS&#8221;) is required by Brazilian corporate law and by the accounting practices adopted in Brazil applicable to publicly traded companies CPC 09 &#8211; Value Added Statements. The IFRS standards do not require the presentation of this statement. As a result, under the IFRS, this statement is presented as supplementary information, notwithstanding the financial statements as a whole.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Only the material information in the financial statements is hereby disclosed, and it corresponds to that used by Management in its management.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These financial statements were authorized for issue by the Board of Directors on March 10, 2025.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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























</tr>















































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>























</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3.2 MATERIAL ACCOUNTING POLICIES</font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The accounting policies are included in the notes, except for those described below:</font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 0pt 22pt; text-align: justify; text-indent: 7.65pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">FUNCTIONAL CURRENCY AND FOREIGN CURRENCY</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The individual and consolidated financial statements are presented in Reais, which is the functional currency of the Company, its subsidiaries and joint ventures in Brazil, because it is the currency of the primary economic environment in which they operate, consume, and generate resources. The main functional currencies of the subsidiaries located outside Brazil are the US Dollar, the Euro or the Pound Sterling. Unless otherwise specified, all balances have been rounded to the nearest thousand.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary assets and liabilities denominated and calculated in foreign currencies at the financial position date are converted into the functional currency using the current foreign exchange rate. Non-monetary assets and liabilities measured at fair value in a foreign currency are converted into the functional currency using the foreign exchange rate in effect on the date the fair value was determined. Foreign currency differences resulting from conversions are generally accounted for in profit or loss. Non-monetary items measured in a foreign currency based on historical cost are converted at the foreign exchange rate on the transaction date.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets and liabilities arising from international operations, including goodwill and fair value adjustments resulting from the acquisition, are converted into Reais at the financial position date. Income and expenses from international operations are converted into Reais using the foreign exchange rates in effect on the dates of the transactions.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency differences arising from translation into the presentation currency are recognized in other comprehensive income and accumulated in other components of equity. If the subsidiary is not wholly owned, the corresponding portion of the translation difference is attributed to the non-controlling shareholders.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When a foreign entity is disposed of, either totally or partially, and the Company loses control, significant influence or joint control over it, the accumulated amount of exchange variations related to that entity is reclassified to profit or loss as part of the gain or loss on disposal. If the disposal is partial and the Company retains control over the subsidiary, the proportion of the accumulated amount is attributed to the non-controlling interest. If the disposal is partial of an associate or joint venture, and the Company retains significant influence or joint control, the proportion of the accumulated amount is reclassified to profit or loss.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table shows the exchange rate, expressed in Reais, for the years indicated, as informed by the Central Bank of Brazil (&#8220;BACEN&#8221;):</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 39.45px; font-family: 'times new roman'; font-size: 10pt; width: 80%; height: 74px;" width="80%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; padding-bottom: 1pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Currency</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; padding-bottom: 1pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>
























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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 78%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar (U.S.$)</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 6.19</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 4.84</font></p>
























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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Pound Sterling (&#163;)</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 7.76</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 6.16</font></p>
























</td>























</tr>
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<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro (&#8364;)</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 6.44</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 5.35</font></p>
























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yene (&#165;)</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 0.04</font></p>
























</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL 0.03</font></p>
























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<p style="margin: 10pt 0pt 6pt 22pt; text-align: justify; text-indent: 7.65pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">USE OF JUDGMENTS AND ESTIMATES</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In preparing these financial statements, Management used judgments and estimates that affect the application of the Cosan Group's accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Underlying estimates and assumptions are continually reviewed and recognized prospectively, when applicable. Information on critical judgments, assumptions, and estimates of uncertainties in the application of accounting policies that have a more significant effect on the amounts recognized in the financial statements are included in the following notes:</font></p>
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</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<ul style="padding-left: 10px; underlying pointer-events: visiblestroke; underlying estimates font-stretch: expanded;">
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 5 &#8211; Other financial liabilites</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 5.5 &#8211; Leases</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 5.7 &#8211; Trade receivables</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 5.10 &#8211; Sectorial financial assets and liabilities</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 5.11 &#8211; Fair value measurement</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 9.2 &#8211; Acquisition of subsidiaries</font></li>
<li style="font-family: Symbol; font-size: 10pt; line-height: 108%; margin: 0pt 0pt 8pt 67.76pt; padding-left: 7.94pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 9.4 (b) &#8211; Impairment test of investment in Vale</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 10 &#8211; Investments in joint venture</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Notes 11.1 and 11.2 &#8211; Fixed assets, intangible assets and goodwill</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Notes 11.5 &#8211; Investment properties</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 12 &#8211; Commitments</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 15 &#8211; Income tax and social contribution</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 16 &#8211; Provision for lawsuits and judicial deposits</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.76pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 23 &#8211; Post-employment benefits</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 67.91pt; orphans: 0; padding-left: 7.79pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Note 24 &#8211; Share-based payment</font></li>
























</ul>
<p style="margin: 4pt 0pt 0pt 28pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">3.3 </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ACCOUNTING IMPACTS RELATED TO ENVIRONMENTAL, SOCIAL AND GOVERNANCE INITIATIVES (&#8220;ESG&#8221;)</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In June 2023, the International Sustainability Standards Board (&#8220;ISSB&#8221;) issued IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 - Climate-related Disclosures, which provide new disclosure requirements on, respectively, sustainability-related risks and opportunities and specific climate-related disclosures.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company is taking the necessary measures to comply with the standard, the adoption of which is required for financial years beginning on or after January 1, 2026, in accordance with CVM Resolution 193, issued in October 2023.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Governance</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To assist the Company's Management in relation to socio-environmental and climate issues, since 2021, the Sustainability Committee has been established, supported by Cosan's Sustainability area and the Sustainability Commission, at the tactical level, aiming at aligning the agenda and greater integration with the portfolio's investees. Thus, the management of the agenda is supervised directly by the Board of Directors (&#8220;BoD&#8221;) with reports made by the Sustainability Committee.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The governance model related to these issues is structured to encompass the integration of ESG (environmental, social and governance) criteria into business strategy, risk management and decision-making, ensuring that value creation is aligned with stakeholder expectations and in compliance with applicable regulations.<br></font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This governance structure also takes into account Cosan's Sustainability Policy, approved by the Board of Directors, which aims to bring together guidelines for sustainable business management, covering the practices that consolidate the environmental and social governance model, such as risk management, associated impacts and internal and external engagement.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Sustainability Committee is the body responsible for monitoring ESG strategy, commitments and targets, as well as promoting broad debate on trends related to the topic, such as climate change, diversity and inclusion, and stakeholder engagement. The Board of Directors assesses the impacts of the Company and its subsidiaries on society and the environment when approving the strategies of their respective businesses and acts to maintain the alignment of policies, risk management and best practices in all the businesses it controls, guaranteeing the necessary autonomy for the portfolio companies. The Sustainability Committee reports to the Board of Directors on the company's progress related to sustainability and compliance with the ESG Vision 2030 plan.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Sustainability Committee is responsible for implementing and monitoring the commitments and targets made, monitoring the process of integrating the climate risk agenda and promoting debate on trends in the ESG agenda.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In order to align the interests of employees and executives with the Company's socio-environmental and climate objectives and challenges, the annual variable remuneration is made up of a pool of ESG targets that includes Cosan's performance in indexes and the evolution of the portfolio's climate agenda. This pool also considers the Group's information security maturity, as well as Internal Controls maturity - the total of these initiatives represents 10% of the Company's total target panel.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ESG targets are also taken into account in the long-term remuneration of senior management, with challenges linked to the performance of indices and ratings over the contracted years.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In this way, we ensure that the management of socio-environmental and climate issues is linked to the business strategy and is prioritized in the Company's annual agenda.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Strategy </font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan's socio-environmental and climate strategy is guided by the &#8220;ESG Vision 2030&#8221;, a document launched in 2022, which brings together objectives and drivers to advance the strategic initiatives, actions and performance of the entire Group for the coming years.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The document is linked to the 5 material themes for Cosan and transversal to the companies in the portfolio, which underwent a review process in 2024, following the concept of double materiality and in order to revisit the strategy, as well as guaranteeing compliance with future regulatory demands.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">After the process which involved interviews with various internal and external stakeholders, the materiality consists of the following themes which are worked on within the scope of risk and opportunity management:</font></p>
<ul style="padding-left: 11px;">
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 0pt 56.41pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Governance and Transparency</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 56.41pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Climate Change</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 56.41pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Diversity, Equity and Inclusion</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 56.41pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Security </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 56.41pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Positive Social Impact</font></li>
























</ul>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk management</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In recent years, we have dedicated significant efforts to improving our corporate risk matrix, identifying and detailing climate risks and opportunities and understanding their impacts on our planning and strategy.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The resilience of our strategy is linked to a set of risks which, within Cosan, are classified according to their nature into (a) strategic, (b) financial, (c) compliance, and (d) operational, depending on the area(s) of the organization that are affected by the events; and their origin (internal or external).</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To improve climate risk management, we have developed a specific matrix for each company. These matrices were integrated into both the general risk matrix of each business and, in a consolidated manner, into Cosan's matrix.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The governance of Cosan's climate change theme ensures that the climate risks and opportunities identified are properly incorporated and managed throughout our organizational structure.</font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Along with the opportunities provided by the solutions and actions in our portfolio to drive the energy transition, we are also susceptible to risks arising from climate change. We seek to strengthen climate change mitigation measures in our business by setting emission reduction targets and investing in cleaner and more efficient technologies.</font></p>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Over the past few years, we have improved the process of identifying, assessing and managing risks and opportunities related to climate change throughout the company, following the recommendations of the Task force on Climate-related Financial Disclosures (&#8220;TCFD&#8221;). The management of climate risks in each business is aligned with Cosan's risk management guidelines, covering stages that include the identification of risks and opportunities, the prioritization of identified risks, the implementation of mitigation measures and continuous monitoring.</font></p>

















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<p style="margin: 10pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Metrics and targets</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The selection of indicators and the establishment of commitments, with the monitoring of the respective governance bodies, are fundamental for the management and monitoring of risks and opportunities related to Cosan's material topics. These indicators and commitments are defined to mitigate the risks identified and take advantage of the opportunities aligned with the Company's strategy, covering areas such as security (physical and cyber), Diversity, Equity and Inclusion (DEI), Corporate Governance and Transparency.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Debt contracts with ESG clauses</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Senior Notes due 2028 was the first Green issue in the freight railroad sector in Latin America. The subsidiary Rumo is committed to using the funds to finance, in whole or in part, ongoing and future projects that contribute to the promotion of a low-carbon and resource-efficient transportation sector in Brazil. Eligible projects are distributed in the areas of: (i) acquisition, replacement and updating of rolling stock; (ii) infrastructure for duplication of railroad stretches, new yards and extensions of yards; and (iii) modernization of the railroad. Rumo issues an annual report showing the progress of the projects, available on the investor relations page.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Senior Notes due 2032 was an issue of Sustainability-Linked Bonds (SLBs) with the sustainable goal of reducing greenhouse gas emissions by 17.6% by 2026 per ton per useful kilometer (TKU), with a starting point of December 2020. The subsidiary Rumo is subject to a step-up of 25 basis points from July 2027 if it fails to meet this target, which would increase the interest rate to 4.45% p.a.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The 2nd Debenture of the indirect subsidiary Malha Paulista is linked to the sustainable goal of reducing greenhouse gas emissions per ton of useful kilometer (TKU) by 15% by 2023, with the base date of December 2019 as the starting point. Compliance with the condition for the rate step-down was verified based on Rumo's Annual Sustainability Report (&#8220;ASR&#8221;), so the Company benefited from a step-down of 25 basis points, making the cost of the 2nd series IPCA + 4.52%.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The 17th Debenture of the subsidiary Rumo is linked to the sustainable goal of reducing (i) 17.6% of the tons of direct greenhouse gas emissions per useful kilometer (TKU) by 2026; and (ii) 21.6% by 2030, with 2020 as the reference year. The company is subject to a step-up of 25 basis points in the 1st series and 20 basis points in the 2nd series if the SKPI is not reached in 2026 and an increase of 5 basis points in the 2nd series if the SKPI is not reached in 2030.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On November 1, 2023, the subsidiary Compass issued simple, non-convertible, unsecured debentures in the amount of R$1,736,385 with semi-annual remuneration equivalent to CDI + 1.55% p.a. and maturities on November 1, 2029 (50%) and November 1, 2030. The funds obtained from the issue will be used for investments and reinforcement of working capital. </font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This 2nd issue of debentures is linked to ESG targets of: </font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 0pt 56.41pt; pad;padding-left: 7.94pt; t-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Distributed volume of biomethane (thousands of m&#179;):</font> Increase by 250 times the daily volume distributed in 2022 until 2027, reaching 0.25mln/m&#179; day;</font></li>























</ul>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 56.41pt; pad;padding-left: 7.94pt; t-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Diversity in Leadership Positions</font>: Reach 47% of people in leadership made up of Diversity Groups by 2027.</font></li>























</ul>
<p style="margin: 6pt 0pt 10pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Compass subsidiary will suffer a step-up of 12.5 basis points for each target that is not met, which would increase the rate from April 2028 (verification date) to up to CDI + 1.80% p.a. The company carried out an assessment on December 31, 2024 and found no evidence of this aspect, as the targets were met.<br></font></p>
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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<div style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB11_2712025183624955" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4. SEGMENT INFORMATION</font></a></div>
<p style="margin: 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's senior management (the Chief Operating Decision Maker) uses segment information to evaluate the performance of operating segments and make resource allocation decisions. This information is prepared on a basis consistent with the accounting policies used in the preparation of the financial statements. Earnings before interest, taxes, depreciation, and amortization ("EBITDA") are used by the Company to evaluate the performance of its operating segments.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Reported segments:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 10.5pt; orphans: 0; padding-left: 32.05pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen: operates in (i) the production, commercialization, origination, and trading of ethanol, (ii) production and commercialization of bioenergy, (iii) resale and trading of electricity, (iv) production and commercialization of other product from renewable sources (solar energy and biogas), (v) production, marketing, origination and trading of sugar and (vi) distribution and commercialization of fuels and lubricants and operations related to the Shell Select convenience store business and proximity OXXO of the N&#243;s Group, a joint venture with FEMSA Com&#233;rcio.</font></li>
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 12.94pt; orphans: 0; padding-left: 29.61pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass: its main activities are: (i) distribution of piped natural gas throughout Brazil to industrial, residential, commercial, automotive, and cogeneration customers; (ii) commercialization of electricity and natural gas; (iii) development of infrastructure projects in a regasification terminal and offshore gas pipeline; and (iv) development of thermal generation projects utilizing natural gas.</font></li>
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 15.39pt; orphans: 0; padding-left: 27.16pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Moove: operates in the production, formulation and distribution of high-performance lubricants, base oils and specialties with headquarters in Brazil and operates in 11 countries in South America, North America, and Europe. It blends, distributes, and sells products under Mobil and proprietary brands for different end-markets including industrial, commercial and passenger/cargo vehicles. </font></li>
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 16pt; orphans: 0; padding-left: 26.55pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo: logistics services for rail transport, port storage and loading of goods, primarily grains and sugar, leasing of locomotives, wagons, and other railroad equipment, as well as operation of containers.</font></li>
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 13.56pt; orphans: 0; padding-left: 28.99pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Radar: A reference in agricultural property management, Radar invests in a diversified portfolio with high potential for appreciation, through participation in the companies Radar, Tellus and Janus.</font></li>

















</ol>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Reconciliation:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-size: 10pt; margin: 6pt 0pt 6pt 12.1pt; orphans: 0; padding-left: 30.45pt; text-align: justify; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Corporate: represents the reconciliation of Cosan&#8217;s corporate structure, which is composed of: (i) senior management and corporate teams, which incur general and administrative expenses and other expenses (operating income), including pre-operational investments; (ii) equity income from investments; and (iii) financial result attributed to cash and debts of the controlling company, intermediary holding companies (Cosan Oito, Cosan Nove and Cosan Dez) and offshore financial companies, and investment in the Climate Tech Fund, a fund managed by Fifth Wall, specialized in technologic innovation.</font></li>

















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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Although Ra&#237;zen S.A. is a joint venture registered under the equity method and is not proportionally consolidated, Management continues to review the information by segment. The reconciliation of these segments is presented in the column &#8220;Deconsolidation of Joint Venture&#8221;.</font></p>
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<p style="margin: 8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: right;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reported segments</font></p>

















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<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















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

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Ra&#237;zen</font></p>

















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

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>

















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

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>

















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

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>

















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

















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<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Deconsolidation of Joint Venture</font></p>

















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

















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<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Elimination Between Segments</font></p>

















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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Statement of profit or loss</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















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

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 24%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Net sales</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">251,198,776</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">18,383,448</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,248,369</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,936,389</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,441,809</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,160</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(251,198,776)</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(61,433)</font></p>

















</td>
<td style="height: 10px; width: 0.5%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; width: 8%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">43,950,742</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Cost of sales</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(237,636,637)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,706,965)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,309,994)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,533,536)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(746,956)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(43)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">237,636,637</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">61,433</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(30,236,061)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Gross profit</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,562,139</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,676,483</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,938,375</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,402,853</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">694,853</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,117</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(13,562,139)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,714,681</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Selling expenses</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,634,623)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(195,472)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,331,412)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(49,006)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,634,623</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,575,890)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; General and administrative expenses</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,020,473)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(818,420)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(921,196)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(661,678)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(73,201)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(370,787)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,020,473</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,845,282)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Other operating income (expenses), net</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,029,354</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">858,402</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">84,081</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(146,740)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,265,098</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(511,007)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,029,354)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,549,834</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Impairment</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,155)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding: 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,149,245)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,155,400)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Impairment in associate</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,672,396)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,672,396)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Interest in earnings (losses) of subsidiaries and associates</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(235,631)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">154,487</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">40,348</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">21,531</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,509,443</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">235,631</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,006,778)</font></p>

















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

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; text-align: right;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,719,031</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Interest in earnings (losses) of joint ventures</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,445)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,222,535)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,229,980)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Finance result</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,273,308)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(854,169)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(181,139)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,577,844)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">27,756</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,164,321)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,273,308</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(8,749,717)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Finance expense</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,741,898)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,587,619)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(182,407)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,242,246)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(27,130)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,597,714)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,741,898</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,637,116)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Finance income</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">995,444</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">977,905</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">129,175</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,102,136</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">54,886</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">391,797</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(995,444)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,655,899</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Foreign exchange variation, net</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,974,022)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(578,412)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(212,224)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,455,848)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,494,875)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,974,022</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,741,359)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Derivatives</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,447,168</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">333,957</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">84,317</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,018,114</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">536,471</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,447,168)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,972,859</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Income taxes</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,102,531)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(966,578)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(194,579)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(800,485)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(130,285)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,098,595)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,102,531</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,190,522)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit (loss) for the year from continuing operations</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,675,073)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,848,578</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">394,130</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(949,242)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,805,752</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(9,528,081)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,675,073</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,006,778)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(8,435,641)</font></p>

















</td>
















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"> Profit for the year from discontinued&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">operations, net of tax</font></font><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; &nbsp;</font></font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273,875</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">241,010</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(241,010)</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273,875</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net profit for the year</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,675,073)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,122,453</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">394,130</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(949,242)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,805,752</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(9,287,071)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,675,073</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit (loss) attributable to:</font></p>

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















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

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Owners of the Company</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,732,286)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,730,597</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">275,921</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(291,680)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">532,950</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,423,795)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,732,286</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,423,795)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Non-controlling interest</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">57,213</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">391,856</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">118,209</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(657,562)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,272,802</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">136,724</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(57,213)</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















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

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,262,029</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,675,073)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,122,453</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">394,130</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(949,242)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,805,752</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(9,287,071)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,675,073</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(8,161,766)</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other selected data</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Depreciation and amortization</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,036,600</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,088,610</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">460,391</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,303,380</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,929</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,036,600)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,868,583</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; EBITDA</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,737,366</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,031,810</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,230,239</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,732,467</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,908,554</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,008,226)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,737,366)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,647,056</font></p>

















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; Additions to fixed assets, intangible assets&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">and contract assets</font></font><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; &nbsp;&nbsp;</font></font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">12,349,347</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,135,908</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">186,040</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,492,724</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,414</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,435</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(12,349,347)</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,834,521</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation of EBITDA</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Profit (loss) for the year</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,675,073)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,122,453</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">394,130</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(949,242)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,805,752</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,287,071)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,675,073</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(8,161,766)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Income taxes</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,102,531</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">966,578</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">194,579</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">800,485</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">130,285</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,098,595</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,102,531)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,190,522</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Finance result</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,273,308</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">854,169</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">181,139</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,577,844</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(27,756)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,164,321</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,273,308)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,749,717</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Depreciation and amortization</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,036,600</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,088,610</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">460,391</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,303,380</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,929</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,036,600)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,868,583</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">EBITDA</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">15,737,366</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">5,031,810</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,230,239</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,732,467</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,908,554</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(3,008,226)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(15,737,366)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,247,788)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">7,647,056</font></p>

















</td>
















</tr>


































</table>
<p style="font-size: 6pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>38</font></font></td>
















</tr>

































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















</div>
<p style="font-size: 6pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="font-size: 6pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 608px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="17" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reported segments</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="6" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Ra&#237;zen</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Deconsolidation of Joint Venture</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Elimination Between Segments</font></p>

















</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Statement of profit or loss</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Net sales</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">221,693,298</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,767,327</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,078,626</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,937,716</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">743,411</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,709</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(221,693,298)</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(61,292)</font></p>

















</td>
<td style="vertical-align: middle; width: 0.5%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,468,497</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Cost of sales</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(202,926,764)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,256,031)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,359,606)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,838,433)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(153,470)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,648)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">202,926,764</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">61,292</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(28,549,896)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Gross profit</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">18,766,534</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,511,296</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,719,020</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,099,283</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">589,941</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(939)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(18,766,534)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,918,601</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Selling expenses</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,773,538)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(164,399)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,144,957)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(40,658)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(556)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,773,538</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,350,570)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; General and administrative expenses</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,815,532)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(788,015)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(645,634)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(559,973)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(74,355)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(459,997)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,815,532</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,527,974)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Other operating income (expenses), net</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,968,248</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">607,226</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(336)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(100,780)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,253,803</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,164,464</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,968,248)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,924,377</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Interest in earnings of subsidiaries and associates</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(219,896)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">178,978</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">75,333</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,015</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,647,255</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">219,896</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,571,182)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">350,399</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Interest in earnings of joint ventures</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,266</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,694,679</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,695,945</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Finance result</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,962,849)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(730,954)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(319,136)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,555,382)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">30,798</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,322,353)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,962,849</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,897,027)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Finance expense</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,241,261)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,658,582)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(242,751)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,621,093)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,776)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,808,228)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,241,261</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,337,430)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Finance income</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">797,560</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,283,024</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">116,408</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,190,685</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">37,577</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">400,440</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(797,560)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,028,134</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Foreign exchange variation, net</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,240,924</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">152,592</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(155,618)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">368,259</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,412,208</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,240,924)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,777,438</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp;&nbsp; Derivatives</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,760,072)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(507,988)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(37,175)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(493,233)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(326,773)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,760,072</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,365,169)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Income taxes</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,936,598)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(859,311)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(332,090)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(197,174)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(147,636)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,261,785</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,936,598</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(274,426)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit (loss) for the year from continuing operations</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,026,369</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,754,821</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">276,867</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">721,915</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,672,566</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,984,338</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(4,026,369)</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,571,182)</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,839,325</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Profit for the year from discontinued&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">operations, net of tax</font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">45,419</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,384</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(20,384)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">45,419</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net profit for the year</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,026,369</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,800,240</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">276,867</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">721,915</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,672,566</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,004,722</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(4,026,369)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>

















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit (loss) attributable to:</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Owners of the Company</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,863,605</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,410,630</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">193,888</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">218,886</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">768,162</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,094,391</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,863,605)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,094,391</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Non-controlling interest</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">162,764</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">389,610</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">82,979</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">503,029</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,904,404</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">910,331</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(162,764)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,790,353</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,026,369</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,800,240</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">276,867</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">721,915</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,672,566</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,004,722</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(4,026,369)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,884,744</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other selected data</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Depreciation and amortization</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,071,288</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">899,635</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273,772</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,175,834</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">275</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,427</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(8,071,288)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,364,943</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; EBITDA</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">19,997,104</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,290,140</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,201,865</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,650,305</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,789,679</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,080,717</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(19,997,104)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,421,140</font></p>

















</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Additions to fixed assets, intangible assets&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">and contract assets</font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,396,056</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,317,889</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">177,971</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,689,877</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,892</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">42,333</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,396,056)</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,267,962</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation of EBITDA</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Profit (loss) for the year</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,026,369</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,800,240</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">276,867</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">721,915</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,672,566</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,004,722</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,026,369)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,884,744</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Income taxes</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,936,598</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">859,311</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">332,090</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">197,174</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">147,636</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,261,785)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,936,598)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">274,426</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Finance result</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,962,849</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">730,954</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">319,136</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,555,382</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(30,798)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,322,353</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,962,849)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,897,027</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Depreciation and amortization</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,071,288</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">899,635</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">273,772</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,175,834</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">275</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,427</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(8,071,288)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,364,943</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">EBITDA</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">19,997,104</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,290,140</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,201,865</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">5,650,305</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,789,679</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">5,080,717</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(19,997,104)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,591,566)</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,421,140</font></p>

















</td>














</tr>
































</table>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>39</font></font></td>
















</tr>

































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















</div>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 641px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="17" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reported segments</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="6" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 29px;">
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Ra&#237;zen</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Deconsolidation of Joint Venture</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Elimination Between Segments</font></p>

















</td>
<td style="height: 29px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 29px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Statement </font><font style="font-weight: bold; line-height: inherit;">of</font><font style="font-weight: bold; line-height: inherit;"> financial position:</font></font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; width: 24%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash and cash equivalents</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,962,864</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,271,256</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">753,347</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,461,618</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">33,041</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,384,280</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,962,864)</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="width: 0.5%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; width: 8%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,903,542</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Marketable securities</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,337,706</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,074,806</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">303,492</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">812,795</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">251,267</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">943,941</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,337,706)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,386,301</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Trade receivables </font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,053,414</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,804,823</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,164,422</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">583,349</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">443,140</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,053,414)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,995,734</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Derivative financial instruments</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,070,322</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">356,589</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">151,926</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,647,977</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,642,836</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,070,322)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,799,328</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Inventories</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,435,862</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">252,220</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,538,105</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">282,580</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,435,862)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,072,905</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Sectorial financial assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">731,642</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">731,642</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other financial assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">87,966</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,820</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">675</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(87,966)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,495</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other current assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,611,882</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">592,317</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">288,376</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,040,439</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">72,089</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,786,460</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,611,882)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,112,993)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,666,688</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other non-current assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,784,732</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,810,491</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">241,816</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,421,143</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24,870</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,901,292</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,784,732)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(160,256)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,239,356</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investments in subsidiaries and associates</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,277,955</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">280,865</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">92,166</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24,235,118</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,207,538)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,678,566</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investments in joint ventures</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,012,536</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">41,121</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,503,923</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,012,536)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,545,044</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Biological assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,596,878</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,596,878)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investment property</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,818,919</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,818,919</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Contract assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,806,284</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,110,463</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,367</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,806,284)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,114,830</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Right-of-use assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,549,136</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,581,601</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">316,762</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,039,779</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,053</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,556</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,549,136)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,958,751</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Property, plant and equipment</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">37,503,618</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,620,505</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">911,277</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,435,467</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">51,750</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(37,503,618)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23,019,016</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Intangible assets and goodwill </font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,472,002</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,761,631</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,013,392</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,545,890</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,872</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,472,002)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">26,330,785</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Loans, borrowings and debentures</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(52,781,598)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,449,033)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,558,575)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(19,123,218)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(29,324,600)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">52,781,598</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(66,455,426)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Derivative financial instruments - liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,464,530)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(389,778)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(57,347)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,918,204)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,104,875)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,464,530</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,470,204)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Trade payables</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(20,042,646)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,650,748)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,735,704)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,777,918)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(20,549)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,930)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,042,646</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,187,849)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Employee benefits payables</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,096,336)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(253,655)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(140,553)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(376,475)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(43,324)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,096,336</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(814,007)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Sectorial financial liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,040,239)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,040,239)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other current liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,327,070)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,876,023)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(428,437)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,252,805)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(135,410)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(905,820)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,327,070</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,628,676</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,969,819)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Leases</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,988,100)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,122,306)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(327,517)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,032,188)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,281)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(24,461)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,988,100</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,509,753)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other non-current liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,143,270)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,735,956)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(548,995)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,177,061)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(580,129)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,022,675)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,143,270</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">644,573</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(13,420,243)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Total assets (net of liabilities)&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">allocated by segment</font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24,441,652</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,732,381</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,890,829</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,935,154</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,999,193</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,048,343</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(24,441,652)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,207,538)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,398,362</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">148,285,202</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">34,250,119</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">8,687,957</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50,593,023</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">17,738,562</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">47,477,028</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(148,285,202)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(17,480,787)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">141,265,902</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Shareholders&#8217; equity </font><font style="font-weight: bold; line-height: inherit;">attributable</font><font style="font-weight: bold; line-height: inherit;"> to:</font></font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Owners of the Company</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23,864,556</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,091,601</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,326,385</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,477,643</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,311,909</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,903,764</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(23,864,556)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,207,538)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,903,764</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Non-controlling interest</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">577,096</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,640,780</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">564,444</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,457,511</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,687,284</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,144,579</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(577,096)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">28,494,598</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total shareholders&#8217; equity</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">24,441,652</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">6,732,381</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,890,829</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">14,935,154</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,999,193</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">14,048,343</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(24,441,652)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(15,207,538)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">39,398,362</font></p>

















</td>














</tr>
































</table>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>40</font></font></td>
















</tr>

































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















</div>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 663px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="17" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reported segments</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="6" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reconciliation</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 34px;">
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Ra&#237;zen</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Deconsolidation of Joint Venture</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Elimination Between Segments</font></p>

















</td>
<td style="height: 34px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 34px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Statement </font><font style="font-weight: bold; line-height: inherit;">of</font><font style="font-weight: bold; line-height: inherit;"> financial position</font><font style="font-weight: bold; line-height: inherit;">:</font></font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; width: 24%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash and cash equivalents</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,915,876</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,931,532</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">773,552</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,233,993</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,946</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,679,458</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,915,876)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; width: 0.5%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; width: 8%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,658,481</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Marketable securities</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">349,584</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">800,267</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">77,814</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,396,107</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">239,361</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">990,412</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(349,584)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,503,961</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Trade receivables </font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,438,430</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,550,973</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,101,854</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">556,298</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">234,801</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">710</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(13,438,430)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,444,636</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Derivative financial instruments - assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,888,050</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">175,655</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;&nbsp;&nbsp; </font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,561,493</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">809,651</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,888,050)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,546,799</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Inventories</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,310,692</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">292,335</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,284,773</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">215,605</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,310,692)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,792,714</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Sectorial financial assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">548,700</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">548,700</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other financial assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">103,774</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,423</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">690</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(103,774)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,113</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other current assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,478,292</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,553,524</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">193,836</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">841,417</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">375,716</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,152,651</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(8,478,292)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,106,687)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,010,457</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other non-current assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,957,596</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,166,991</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">209,823</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,528,375</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,378</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,832,013</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(13,957,596)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(180,880)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,570,700</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investments in subsidiaries and associates</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,630,124</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">312,302</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">88,656</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">32,792,891</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,212,606)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,611,369</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investments in joint ventures</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,321,982</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">48,566</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,693,876</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,321,982)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,742,442</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Biological assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,818,316</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,818,316)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Investment property</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,976,126</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,976,126</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Contract assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,108,696</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,041,421</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,684</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,108,696)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,052,105</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Right-of-use assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,645,522</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,588,292</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">195,953</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,703,754</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,319</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">22,200</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,645,522)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,513,518</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Property, plant and equipment</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">30,144,420</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,255,012</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">755,955</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">19,176,386</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">52,597</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(30,144,420)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">21,239,974</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Intangible assets and goodwill </font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,677,254</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">13,299,255</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,679,983</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,664,143</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">6,906</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,677,254)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">22,650,287</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Loans, borrowings and debentures</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(39,634,986)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,017,150)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,207,028)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(18,964,841)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(25,715,635)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,634,986</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(56,904,654)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Derivative financial instruments</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,870,706)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(360,784)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(742)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,471,795)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,581,824)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,870,706</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,415,145)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Trade payables</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(20,150,654)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,534,041)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,494,568)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,084,931)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(68,422)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,563)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,150,654</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,184,525)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Employee benefits payables</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(966,452)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(301,560)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(147,313)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(318,550)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(61,906)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">966,452</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(829,329)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Sectorial financial liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,810,698)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,810,698)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other current liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,642,734)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,703,128)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(336,080)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,583,216)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(182,298)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,239,688)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,642,734</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">571,201</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,473,209)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Leases</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,304,874)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,636,943)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(198,964)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,406,843)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,502)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(29,542)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,304,874</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,275,794)</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other non-current liabilities</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(12,284,662)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,678,578)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(580,103)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,537,271)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(543,490)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,367,850)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">12,284,662</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">716,444</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(11,990,848)</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Total assets (net of liabilities)&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">allocated by segment</font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">27,303,416</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,793,622</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,320,121</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">15,870,992</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,174,615</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">25,034,358</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(27,303,416)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,212,528)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">50,981,180</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total assets</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">130,158,484</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">28,836,504</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">7,284,919</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">49,238,439</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,972,327</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">56,033,366</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(130,158,484)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(18,500,173)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">139,865,382</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Shareholders&#8217; equity </font><font style="font-weight: bold; line-height: inherit;">attributable</font><font style="font-weight: bold; line-height: inherit;"> to:</font></font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; padding: 0px 5px 0px 2px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Owners of the Company</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">26,561,384</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,798,294</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,624,273</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,766,403</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,023,574</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,955,291</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(26,561,384)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,212,528)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">20,955,307</font></p>

















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Non-controlling interest</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">742,032</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,995,328</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">695,848</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,104,589</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,151,041</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,079,067</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(742,032)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">30,025,873</font></p>

















</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total shareholders&#8217; equity</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">27,303,416</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">8,793,622</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,320,121</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">15,870,992</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,174,615</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25,034,358</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(27,303,416)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(17,212,528)</font></p>

















</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px 5px 0px 2px; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50,981,180</font></p>

















</td>














</tr>
































</table>

















</div>
<p style="line-height: 1.2;;margin:0pt"><br></p>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>41</font></font></td>
















</tr>

































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















</div>
<p style="line-height: 1.2;;margin:0pt"><br></p>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">4.1</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">NET SALES TO EXTERNAL CUSTOMERS BY PRODUCTS/CUSTOMER TYPE</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.836%;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 75%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Reported segment</font></p>

















</td>
<td style="background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Ra&#237;zen</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Ethanol</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,567,836</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,312,258</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Sugar</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,019,072</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,070,524</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Gasoline</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,097,828</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,267,702</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Diesel</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,834,016</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,281,586</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cogeneration</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,271,246</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,724,090</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Other</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,408,778</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,037,138</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 18pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">251,198,776</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">221,693,298</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compass</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp; Natural gas distribution</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,984,101</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,411,212</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,331,262</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,202,348</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogeneration</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">511,997</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">710,288</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">485,947</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">592,917</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">873,384</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">820,685</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction revenue</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,602,284</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,494,142</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">594,473</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">535,735</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 18pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,383,448</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,767,327</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Finished product</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,794,520</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,520,267</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Base oil</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">630,349</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">765,408</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Services</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">823,500</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">792,951</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 18pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,248,369</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,078,626</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; North operations</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,096,559</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,346,314</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; South operations</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,154,493</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,032,703</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Container operations</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">685,337</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">558,699</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,936,389</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,937,716</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Radar</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Lease and sale of lands</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,441,809</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">743,411</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,441,809</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">743,411</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Reconciliation</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Corporate</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,160</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,709</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deconsolidation of joint venture,&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">adjustments and eliminations</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(251,260,209)</font></p>

















</td>
<td style="padding: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(221,754,590)</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">43,950,742</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">39,468,497</font></p>

















</td>
















</tr>


































</table>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></p>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>42</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="line-height: 1.2;;margin:0pt"><br></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4.2. INFORMATION ON GEOGRAPHICAL AREA</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net sales</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other non-current assets</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 57%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brazil</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,185,302</font></p>

















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,816,723</font></p>

















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,218,106</font></p>

















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,584,481</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Europe <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,100,762</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,050,235</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,969</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Latin America <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(ii)</font></font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">304,074</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">144,853</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,448</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,275</font></p>

















</td>
















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">United States of America</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,360,604</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,456,686</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,802</font></p>

















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,087</font></p>

















</td>
















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">43,950,742</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">39,468,497</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,239,356</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,606,812</font></p>

















</td>
















</tr>


































</table>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Main countries:</font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%;"><br></td>
<td style="width: 4%;">(i)</td>
<td style="width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">England, France, Spain and Portugal;</font></td>








</tr>
<tr>
<td><br></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Argentina, Bolivia, Uruguay and Paraguay.</font></td>








</tr>

























</table>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4.3. MAIN CUSTOMERS</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 31, 2024, the subsidiary Rumo had a client that represented 12.10% of its net operating revenue, with an amount of R$1,763,541. In 2023, this same client represented 10.42% of Rumo's net operating revenue, with an approximate amount of R$1,213,263, which corresponds to 4% of the Group's consolidated net operating revenue.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 6pt 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bqq2_2712025194344159" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">FINANCIAL ASSETS AND LIABILITIES</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="background-color: #f2f2f2;">
<td style="padding-left: 5.4pt; vertical-align: top; width: 460.55pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Measurement of financial assets and liabilities</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company initially measures a financial asset at its fair value plus (in case of a financial asset that is not measured at fair value through profit or loss) transaction costs, except for those measured at amortized cost and maintained within a business model with the goal of obtaining contractual cash flows that meet the principal and interest only criterion.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debt financial instruments are subsequently measured at fair value through profit or loss, amortized cost or fair value through other comprehensive income. The classification is based on two criteria: (i) the Company's business model for managing the assets; and (ii) whether the contractual cash flows from the instruments represent only principal and interest payments on the outstanding principal amount.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes its financial assets at amortized cost for financial assets held within a business model with the objective of obtaining contractual cash flows that satisfy the "Principal and Interest" criterion. This category includes trade receivables, cash and cash equivalents, receivables from related parties, restricted cash, sectorial financial assets and dividends and interest on equity receivable.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Purchases or sales of financial assets that require the delivery of assets within a period established by regulation or market convention (regular trades) are recorded on the trade date, i.e., the date on which the Company enters into an agreement to buy or sell the asset.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial assets are derecognized when the rights to receive cash flows from these assets have expired or when the Company has transferred substantially all risks and rewards associated with ownership.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial liabilities are categorized based on whether they are measured at amortized cost or fair value through profit or loss. Financial liability is categorized as measured at fair value through profit or loss if it is held for trading, is a derivative, or was designated as such upon initial recognition. Financial liabilities are measured at fair value and the net profit or loss, including interest, is included in the financial result. Other financial liabilities are subsequently measured using the effective interest method at their amortized cost. Interest expense and foreign exchange gains and losses are accounted for in the financial result.</font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 35.45pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired, or when its terms are modified and the cash flows of the modified liability are materially different, in which case a new financial liability is recognized at fair value based on the modified terms. Any gain or loss on derecognition is accounted for in profit or loss.</font></p>

















</td>

















</tr>



































</table>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>43</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 0pt 5pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 0pt 6pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's financial assets and liabilities are as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 612px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value through profit or loss</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 48%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cash and cash equivalents</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; width: 8%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.2</font></p>

















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">986,278</font></p>

















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,667,155</font></p>

















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,122,442</font></p>

















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,298,142</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Marketable securities</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,335</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">705,777</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,386,301</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,503,961</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Derivative financial instruments</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,565,495</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,816</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,799,328</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,546,799</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Other financial assets</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,113</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,357,108</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,530,748</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,312,566</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,352,015</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amortized cost</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cash and cash equivalents</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.2</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,214,989</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,821</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,781,100</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,360,339</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Trade receivables </font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.7</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,995,734</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,444,636</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Restricted cash</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,621</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,303</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,252</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Receivables from related parties</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,981</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">348,096</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">399,889</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">340,091</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Sectorial financial assets</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">731,642</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">548,700</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Dividends and interest on&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">equity receivable</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp;&nbsp;</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,377</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">319,135</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">153,548</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,777</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Reduction of capital receivable</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,013,714</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,655,061</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">851,673</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,236,216</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16,152,795</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,012,169</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,382,421</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,548,782</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">25,504,810</font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp; Amortized cost</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Loans, borrowings and debentures </font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,350,555)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,496,324)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,161,392)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(33,952,162)</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Trade payables</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.9</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,900)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,431)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,187,849)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,184,525)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Consideration payable </font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(246,256)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(203,094)</font></p>

















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Other financial liabilities <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,067,839)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(476,895)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Leases</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.5</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24,459)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,543)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,509,753)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,275,794)</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Railroad concession payable</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,721,190)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,565,373)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Related parties payable</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,263,024)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,648,867)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(417,488)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(323,238)</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Dividends payable</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17 </font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,495)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(276,065)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(96,722)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(549,054)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Reduction of capital payable</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(486,285)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Sectorial financial liabilities</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,040,239)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,810,698)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Installment of tax debts</font></p>

















</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(219,429)</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(211,226)</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,302)</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(217,348)</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(28</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">863</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">862)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(20</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">664</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">456)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(58</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">189</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">315)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(50</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">558</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">181)</font></font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value through profit or loss</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Loans, borrowings and debentures </font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,294,034)</font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,952,492)</font></p>

















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Derivative financial instruments</font></p>

















</td>
<td style="padding: 0px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>

















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,104,874)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(645,985)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,470,204)</font></p>

















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,415,145)</font></p>

















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">104</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">874)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(645</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">985)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(31</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">764</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">238)</font></font></p>

















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(26</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">367</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">637)</font></font></p>

















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(29</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">968</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">736)</font></font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(21</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">310</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">441)</font></font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(89</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">953</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">553)</font></font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>

















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(76</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">925</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">818)</font></font></p>

















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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>44</font></font></td>






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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 0pt 5pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 93%; vertical-align: top;" valign="top">
<p style="margin: 0pt 0pt 6pt; color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;">The Company's subsidiaries adopt strategies to optimize working capital efficiency, including extending payment terms with their suppliers and entering into structured payment agreements (also known as reverse factoring or drawn risk) with financial institutions.</font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; font-size: 13.3333px; background-color: #ffffff; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;">At<font>&nbsp;</font>Rumo, these operations relied on top-tier funds and banks as<font>&nbsp;</font>counterparties, at an average rate of 11.05% p.a. (12.42% p.a. on December 31, 2023). The average term of these operations is approximately 35 days (111 days at December 31, 2023). The accounting transfer of amounts from the suppliers account to this item is a non-cash transaction and is therefore not presented in the Cash Flow Statement. The liquidation flow of the balance, in turn, is classified under operating or investment activities, according to the classification of the object of the purchase. The financial charges embedded in the transaction are recorded in &#8220;Interest on Commercial Contracts&#8221; of the financial result, totaling R$48,275 in the year ended December 31, 2024 (R$91,597 on December 31, 2023).</font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; font-size: 13.3333px; background-color: #ffffff; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;">The settlement flow of the balance of credits assigned by suppliers to financial agents is classified in the Statement of Cash Flows under operating activities, as it better represents cash expenditure from the perspective of the Company's operations.</font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; font-size: 13.3333px; background-color: #ffffff; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;">At<font>&nbsp;</font>Comg&#225;s, on December 31, 2024, the balance of receivables in advance from suppliers to financial institutions was R$132,999 (R$133,937 on December 31, 2023). The payment period for these operations is up to 90 days.</font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman'; font-size: 13.3333px; background-color: #ffffff; line-height: 1.2; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;">The drawn risk operation is an option for the supplier and does not alter the commercial conditions established between the parties (term and value of the service). Suppliers anticipate receivables by accepting the terms, including the fees for anticipating these operations. The company has no influence over the supplier's decision, nor does it receive any benefit from the bank in this operation.&nbsp;</font></p>





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<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2; text-align: left;"><br></p>








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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>45</font></font></td>





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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 0pt 0pt 14pt; text-indent: 0pt; line-height: 1.2;"><br></p>
<div style="margin: 0pt 0pt 0pt 14pt; text-indent: 0pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN1_271202518544172" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.1. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">RESTRICTIVE CLAUSES</font></font></a></div>
<p style="margin: 6pt 0pt 6pt 14pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries are required to comply with the following financial clauses per the terms of the main loan lines:</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Company</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Debt</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Triggers</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Ratios</font></p>







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<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







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<td style="background-color: #ffffff; vertical-align: middle; width: 47.76%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







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<td style="background-color: #ffffff; vertical-align: middle; width: 7.64%; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A.</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2027</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proforma net debt <font style="font-size: 8pt;"><sup>(iv)</sup></font> / pro forma EBITDA <font style="font-size: 8pt;"><sup>(iv)</sup></font> cannot exceed 3.5x</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.57</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2029</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2030</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2031</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<td style="vertical-align: bottom; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<td style="vertical-align: middle; width: 47.76%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<td style="vertical-align: middle; width: 7.64%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compass</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<td style="vertical-align: middle; width: 47.76%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<td style="vertical-align: middle; width: 7.64%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comg&#225;s S.A.</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* 4th issue debenture </font></p>







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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 47.76%; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Short-term debt / total debt <font style="font-size: 8pt;"><sup>(iii)</sup></font> cannot exceed 0.6x</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.16</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td rowspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 40px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comg&#225;s S.A.</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Debenture 4th to 12th issues</font></p>







</td>
<td rowspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 40px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(ix)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 4.0x</font></p>







</td>
<td rowspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 40px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.80</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* BNDES</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Loan 4131</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 10px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compagas</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* 4th issue debenture</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 3.5x</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.50</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sulg&#225;s</font></p>







</td>
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 20px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* BNDES</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(x)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 3.5x</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.35</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 47.76%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">General indebtedness ratio (Total liabilities<font style="font-size: 8pt;"><sup>(ix)</sup></font>&nbsp; / Total liabilities <font style="font-size: 8pt;"><sup>(xii)</sup></font>) may not exceed 0.8</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.73</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Necta</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* 1st issue debenture </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(x)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 4.0x</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1.48)</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>







</td>
<td style="vertical-align: bottom; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; width: 47.76%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; width: 7.64%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">MLH</font></p>







</td>
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">*Syndicated Loan</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 47.76%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(i)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 3.5x at the end of each quarter</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 7.64%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.73</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 47.76%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICSD <font style="font-size: 8pt;"><sup>(viii)</sup></font> cannot be less than 2.5x at the end of each quarter </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 7.64%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.78</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>







</td>
<td style="vertical-align: middle; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; width: 47.76%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; width: 7.64%; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo S.A.</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Debenture (11th, 12th, 13th and 14th) <font style="font-size: 8pt;"><sup>(vi)</sup></font></font></p>







</td>
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 20px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICJ <font style="font-size: 8pt;"><sup>(vii)</sup></font> = EBITDA<font style="font-size: 8pt;"><sup>(ii)</sup></font> / Financial result<font style="font-size: 8pt;"><sup>(v)</sup></font> cannot be less than 2.0x </font></p>







</td>
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 20px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.74</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* ECA</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td rowspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 70px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo S.A.</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* NCE</font></p>







</td>
<td rowspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 47.76%; height: 70px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(i)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 3.5x</font></p>







</td>
<td rowspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 70px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.43</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* ECA</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2028</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Senior Notes 2032</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* Debentures <font style="font-size: 8pt;"><sup>(vi)</sup></font></font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20.04%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important; border-left-width: 1px; border-left-style: solid; border-left-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Brado</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 24.54%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">* NCE</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 47.76%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net debt <font style="font-size: 8pt;"><sup>(i)</sup></font> / EBITDA <font style="font-size: 8pt;"><sup>(ii)</sup></font> cannot exceed 3.3x</font></p>
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 7.64%; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; border-right-width: 1px; border-right-style: solid; border-right-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.72</font></p>







</td>






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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>46</font></font></td>





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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





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<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 10px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net debt consists of the balance of loans, borrowings and debentures (&#8220;Gross Debt&#8221;), net of cash and cash equivalents, marketable securities and derivative financial instruments on debt.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Corresponds to the accumulated EBITDA for the last twelve months.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Total debt means the sum of current and non-current loans, borrowings and debentures, and current and non-current derivative financial instruments.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 30px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; text-align: justify; vertical-align: top; height: 30px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net debt and pro forma EBITDA, including the equivalent of 50% of joint venture financial information as determined in the agreements. Pro forma EBITDA corresponds to the accumulated period of the last 12 months. For the covenants of the Senior Notes, the amounts of the unrestricted subsidiaries are excluded.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The financial result of net debt is composed of the cost of net debt.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vi)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; text-align: justify; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The 11th, 12th, 13th and 14th debentures have a contractual leverage covenant limited to 3.0x. However, they have a waiver that allows the issuer to exceed this ratio up to a limit of 3.5x until December 31, 2027.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vii)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Interest Coverage Ratio (</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">&#205;ndice&nbsp;de&nbsp;Cobertura&nbsp;de&nbsp;Juros</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">) (&#8220;ICJ&#8221;).</font></font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(viii)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Debt Service Coverage Ratio (</font>&#205;ndice<font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;de&nbsp;</font>Cobertura<font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;do&nbsp;</font>Servi&#231;o<font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;da&nbsp;</font>D&#237;vida<font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">) (&#8220;ICSD&#8221;).</font></font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ix)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net debt consists of the balance of current and non-current debt, net of cash and cash equivalents and marketable securities.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(x)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; text-align: justify; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net debt consists of the balance of current and non-current indebtedness, including the net balance of derivative operations, net of cash and cash equivalents and marketable securities.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(xi)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Total liabilities correspond to the sum of current and non-current liabilities.</font></td>






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<td style="width: 5%; padding: 1px 1px 3px; text-align: center; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(xii)</font></td>
<td style="width: 95%; padding: 1px 1px 3px; vertical-align: top; height: 15px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Total liabilities correspond to the sum of current liabilities, non-current liabilities and shareholders' equity.</font></td>






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<td style="width: 100%; text-align: justify; vertical-align: top; padding: 0px 0px 0px 18px; height: 15px;" colspan="2" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">As of December 31, 2024, the Company and its subsidiaries were in compliance with all financial and non-financial restrictive clauses. The terms of the loans include cross-default provisions.</font></td>






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<div style="margin: 10pt 0pt 6pt 14pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN2_271202518552868" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN3_27120251864796" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.2. CASH AND CASH EQUIVALENTS</font></font></a></div>
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<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents comprise cash balances, demand deposits and highly liquid investments with a maturity of up to three months from the date of acquisition, which are subject to an insignificant risk of changes in value and are used for the Company's cash management. The amounts relating to investments in investment funds are classified as assets measured at fair value through profit or loss, and the other amounts of cash and cash equivalents are classified as amortized cost.</font></p>







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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







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</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and bank accounts</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">414</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">251</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">958,738</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">209,479</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Savings account</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,831</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,400</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">485,393</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">431,011</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial Investments</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,152,022</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,667,325</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,459,411</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,017,991</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,201,267</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,769,976</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16,903,542</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,658,481</font></p>







</td>






</tr>














</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>47</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial investments include the following:</font></p>
<table cellspacing="0" cellpadding="0" style="height: 201px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Applications </font><font style="font-weight: bold; line-height: inherit;">in</font><font style="font-weight: bold; line-height: inherit;"> investment funds</font></font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Repurchase Agreements <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">400,251</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,667,155</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,493,278</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,259,210</font></p>







</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Certificate of bank deposits - CDB </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">586,027</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">604,398</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Other investments</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,766</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,932</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">986,278</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,667,155</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,122,442</font></font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,298,142</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Applications in banks</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Repurchase agreements </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">236,101</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">616,633</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Certificate of bank deposits - CDB </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,165,549</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,102,078</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,807,983</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Other</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">170</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">998,790</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">295,233</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,165,744</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">170</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">13</font><font style="font-weight: bold; line-height: inherit;">,336,969</font></font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,719,849</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,152,022</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,667,325</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">15</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">459</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">411</font></font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,017,991</font></p>







</td>






</tr>














</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 15px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 15px;">
<td style="width: 5%; height: 15px; vertical-align: top; text-align: center;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%; height: 15px; vertical-align: top; text-align: justify;" valign="top"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The repurchase agreements are allocated to the WG&nbsp;</font>Renda<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font>Fixa<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font>Cr&#233;dito<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font>Privado<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font>Fundo<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;de&nbsp;</font>Investimento<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;(&#8220;WG&#8221;), which was created in the form of an open-ended fund and is managed by&nbsp;</font>Ita&#250;<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;</font>Unibanco<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;Asset Management&nbsp;</font>Ltda<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. (&#8220;</font>Ita&#250;<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;Asset&#8221;). The fund's portfolio is composed of investments in public bonds and repurchase agreements backed by federal public bonds.</font></font></td>






</tr>













</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><br></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's onshore financial investments bear interest at rates approximating 100% of the Brazilian interbank offered rate (<font style="font-style: italic; line-height: inherit;">Certificado</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Dep&#243;sito</font> <font style="font-style: italic; line-height: inherit;">Interbanc&#225;rio</font>, or "CDI") as of December 31, 2024 and 2023. Offshore financial investments are remunerated at rates market in banking institutions. The sensitivity analysis of interest rate risks is in 5.12.</font></p>
<div style="margin: 0pt 0pt 0pt 14pt; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN4_271202518613693" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5.3. MARKETABLE SECURITIES AND RESTRICTED CASH</font></a></div>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 14px; font-family: 'times new roman'; font-size: 10pt; width: 98.5%;" width="98.5%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The valuation and classification of marketable securities are based on their fair value, as determined by the financial result. Securities consist of all equity instruments with readily ascertainable fair values. The fair values of equity instruments are deemed readily determinable if the securities are listed or if a current market value or fair value can be determined even without a direct listing (for example, prices of shares in mutual funds).</font></p>
<p style="margin: 0pt 0pt 6pt; orphans: 0; text-align: justify; text-indent: 35.4pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted cash is measured and classified at amortized cost, with an average maturity of between two and five years for government bonds, but they can be redeemed quickly and are subject to an insignificant risk of change in value.</font></p>







</td>







</tr>















</table>
<p style="margin:0pt"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 160px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Marketable securities</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Government securities <font style="font-size: 8pt;"><sup>(i)</sup></font></font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,335</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">705,777</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,114,578</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,107,813</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Certificate of bank deposits (CDB)</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,363</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">300,142</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> ESG Funds </font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,360</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,006</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">805,335</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">705,777</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,386,301</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,503,961</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,335</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">705,777</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,272,941</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,407,955</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,360</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,006</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">805,335</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">705,777</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,386,301</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,503,961</font></p>







</td>






</tr>














</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>48</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 134px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Restricted cash</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Securities pledged as collateral</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,621</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,303</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,252</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">81,621</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">174,303</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">203,252</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,006</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,860</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,621</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146,297</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195,392</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">81,621</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">174,303</font></p>







</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">203,252</font></p>







</td>






</tr>














</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%; vertical-align: top;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The sovereign debt securities declared interest linked to the Special System of Liquidation and Custody (</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">Sistema&nbsp;Especial de&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">Liquida&#231;&#227;o</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; line-height: inherit;">&nbsp;e&nbsp;Cust&#243;dia</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">), or &#8220;SELIC&#8221;, with a yield of approximately 100% of the CDI.</font></font></td>






</tr>













</table>
<div style="margin: 6pt 0pt 6pt 14pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BRN7_271202518624831" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5.4. LOANS, BORROWINGS AND DEBENTURES</font></a></div>
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<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures (&#8220;obligation&#8221;) are initially measured at fair value, net of transaction costs, and subsequently at amortized cost.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When the obligation specified in the contract is satisfied, canceled, or expired, they are derecognized. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-monetary assets transferred or liabilities assumed, is recorded as other financial revenue or expense in the profit or loss.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Classified as current liabilities unless there is an unconditional right to defer settlement for at least one year after the date of the statement of finance position.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Initial measurement of financial guarantee contracts issued by the Company is at fair value, and if not designated at fair value through profit or loss, the financial guarantee contracts are subsequently measured at the higher amount of:</font></p>
<p style="margin: 6pt 0pt 6pt 36pt; orphans: 0; text-align: justify; text-indent: -23.5pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">i.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the amount of the obligation under the contract; and </font></p>
<p style="margin: 6pt 0pt 6pt 36pt; orphans: 0; text-align: justify; text-indent: -25.94pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">ii.</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>the amount initially recognized less, as applicable, the accumulated amortization recognized according to revenue recognition policies.</font></p>
<p style="margin: 6pt 0pt 6pt 36pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The contracts are irrevocably designated at fair value through profit or loss, according to the Company's analysis, so as not to cause an accounting mismatch. The fair value of the loans is based on the discounted cash flow using its implicit discount rate and are classified as level 2 fair value in the hierarchy.</font></p>







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<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>49</font></font></td>





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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 10pt 0pt 8pt 36pt; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Composition</font></font></p>






</div>
<table cellspacing="0" cellpadding="0" style="height: 395px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Description</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest Rate</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Currency</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 15px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Objective</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Unsecured</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 15%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 12%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.65%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.33%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,208,141</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-25</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 18%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">781,715</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">784,475</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-28</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.50%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.83%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,429</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,471</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-28</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.83%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">722,667</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-34</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.90%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.28%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,117,561</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,117,966</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-32</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.39%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">938,451</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">942,010</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-31</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.40%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.84%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,020,963</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,020,673</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Apr-28</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.40%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.84%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">999,683</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">998,542</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-28</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.80%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.17%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,314,009</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,260,684</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-31</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.27%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">722,795</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-29</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.50%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.71%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,517,667</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-28</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.72%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.96%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">505,999</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-30</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.61%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">506,361</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-35</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.75%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.88%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">433,499</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">412,478</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-31</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.02%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,857,808</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,451,867</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-30</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.52%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,778,776</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,897,097</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sep-29</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commercial bank notes</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.75%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.11%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">548,335</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">547,755</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-28</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.17%</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">471,702</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">448,165</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-31</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131 </font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.60%</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,706,135</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-31</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,350,555</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,496,324</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">347,032</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">800,987</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,003,523</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,695,337</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>














</table>
<div style="line-height: 1.2;">
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>50</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 612px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Description</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Index</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Annual </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">interest</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> rate</font></font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Currency</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Maturity</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Objective</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Modality</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 21%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131 </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.20%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">860,658</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yen</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">602,487</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.40%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,954,022</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yen</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,135,226</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.56%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">812,496</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Yen</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">470,951</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Perpetual Notes</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,135,174</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,451,160</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nov-40</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2027</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,475,674</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,016,330</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2029</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,638,597</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,622,922</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sep-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2030</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,384,127</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,642,023</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-30</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2031</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,683,191</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.33%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,208,141</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">781,715</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">784,475</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.83%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,429</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">406,471</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.83%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">722,667</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-34</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.90%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.28%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,117,561</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,117,966</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-32</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.39%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">938,451</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">942,011</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.40%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.84%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,020,963</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,020,673</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Apr-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.40%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.84%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">999,683</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">998,542</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.17%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,314,009</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,260,684</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.27%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">722,795</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.71%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,517,668</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.72%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.96%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">505,999</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-30</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.61%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">506,361</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-35</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.75%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.88%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">433,499</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">412,478</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commercial bank notes</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.75%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.11%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">548,335</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">547,755</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.17%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">471,702</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">448,165</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,324,600</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">25,715,636</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compass</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BNDES</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.10%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.15%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,477</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,946</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Apr-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.10%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.15%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">194,797</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140,016</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-30</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 3.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.26%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,318,111</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,547,664</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-34</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.74%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.87%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,027,665</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">893,810</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.01% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.15%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">295,695</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">304,276</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.36%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.68%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,000</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.71%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,000</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>






</tr>














</table>
<p style="margin:0pt"><br></p>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>51</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 474px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100.017%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Description</font></td>
<td style="vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Index</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #0078ab; font-weight: bold; line-height: inherit;">Annual<font>&nbsp;</font></font><font style="font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #0078ab; font-weight: bold; line-height: inherit;">interest</font><font style="font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #0078ab; font-weight: bold; line-height: inherit;"><font>&nbsp;</font>rate</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Currency</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Maturity</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Objective</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Modality</font></td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 21%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.36%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">362,774</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb-24</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.13%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,245,670</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">943,486</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.74%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">523,634</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.04%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">926,262</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">734,191</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.95%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.55%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">735,566</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-24</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.33%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.95%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">554,147</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-24</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.20% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">240,120</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 7.36%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.57%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,436</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80,960</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.24% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.66%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">208,465</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.45%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.27%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">399,457</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.55%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.89%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,480</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IGPM + 6.10%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.04%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">382,837</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">359,639</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.08%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.36%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,545,857</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 0.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.05%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,547,588</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.55% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.89%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,763,476</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,764,022</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Nov-30</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.12%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.22%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">512,946</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">550,342</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.38% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.54%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">685,420</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jul-34</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.22%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.32%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">466,173</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">533,854</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 7.17%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.37%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">588,142</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.45% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.61%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">662,782</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jul-39</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,449,033</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,017,150</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131 </font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,729</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,920</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Working capital</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR + 1.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,346,950</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,175,107</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Working capital</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SONIA + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">GBP</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">272,318</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Export Credit Note</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR+ 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.83%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">316,442</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-27</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Export Prepayment</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR-06 + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.66%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">607,136</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-27</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Acquisition</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,558,575</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,207,027</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>













</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>52</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>





</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="height: 418px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Description</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Index</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">Annual&nbsp;</font><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">interest</font><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">&nbsp;rate</font><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Currency</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Maturity</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Objective</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Modality</font></td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 21%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BNDES</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,494</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-24</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-24</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">URTJLP</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.53%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,861,658</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,210,390</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jul-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.07%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.45%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,530</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,101</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,968</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,774</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,663</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78,965</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 2.20%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.60%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,856</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,252</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> SOFR + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.83%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,341</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">487,544</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-25</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> CDI + 1.29% </font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,302</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital management</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2028</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.25%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,631,834</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,178,449</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-28</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes Due 2032</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Prefixed</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.20%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dollar</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,418,140</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,066,885</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-32</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Export Credit Agency </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">("ECA")</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euribor + 0.58%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.94%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,525</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,849</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sep-26</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Bank Credit</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.84%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">874,513</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">954,205</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jan-48</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ACF</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.48%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.64%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">299,706</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-42</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Secured</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debenture</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 3.60%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.62%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">393,127</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">413,881</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-30</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 3.90%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.94%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078,794</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,113,820</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.00%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.04%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">957,843</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,077,140</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dec-35</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.50%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.57%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,520,069</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,596,910</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.54%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.61%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,865</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,232</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.68%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.76%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">248,085</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">396,201</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Feb-26</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.52%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.33%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">711,764</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">773,556</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-31</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.73%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.86%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">480,383</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">551,709</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Oct-33</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.99%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.13%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">452,451</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">470,177</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-32</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.98%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">938,970</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,004,762</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Apr-30</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.30%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.84%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">759,390</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-24</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>













</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>53</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 12pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 233px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Description</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Index</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">Annual&nbsp;</font><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">interest</font><font style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10.6667px; color: #0078ab; font-weight: bold; line-height: inherit;">&nbsp;rate</font><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Currency</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2024</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">12/31/2023</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Maturity</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Objective</font></td>
<td style="vertical-align: bottom; height: 16px; text-align: center;"><br></td>
<td style="vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10.6667px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Modality</font></td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 21%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.79%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.65%</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">753,435</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-24</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 5.76%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.89%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">714,229</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">753,439</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-29</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 6.18%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.91%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">655,641</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">749,252</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">May-33</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 5.80%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.93%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">469,906</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-34</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 5.93%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.07%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565,235</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Mar-39</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 6.42%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.33%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">489,270</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-34</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 6.53%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.33%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,846</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Jun-39</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> IPCA + 6.05%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.19%</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Real</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">693,704</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aug-36</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unsecured</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">19,123,218</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,964,841</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">66,455,426</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">56,904,654</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,403,148</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,882,398</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Non</font><font style="font-weight: bold; line-height: inherit;">-</font><font style="font-weight: bold; line-height: inherit;">current</font></font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">62,052,278</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">52,022,256</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>





</tr>













</table>







</div>
<div style="line-height: 1.2;">
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>54</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For debts linked to derivatives, the effective rates are shown in the explanatory note 5.6.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To calculate the average rates, the market interest curves on December 31, 2024 were considered on an annual basis.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">All debts with maturity dates denominated in foreign currency are hedged against foreign exchange risk through derivatives (note 5.6), except for perpetual notes.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures that are classified as non-current have the following maturities:</font></p>
<table cellspacing="0" cellpadding="0" style="height: 164px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Funding costs</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Funding costs</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 34%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>







</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">569,067</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(43,154)</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,552,535</font></p>







</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,800,498</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24,538)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">350,462</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(128,908)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,551,156</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,255,752</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3 to 4 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,824)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,178,676</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">360,698</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(85,987)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,000,615</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,626,698</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,148)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,501,383</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,319,442</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(89,779)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,429,311</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,554,468</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5 to 6 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,975)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,011,417</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,327,245</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(53,072)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,948,395</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,143,128</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6 to 7 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,730)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,371,352</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,101,714</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,538)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,100,666</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,777,099</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7 to 8 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(621)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">607,712</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,650,648</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(44,524)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,421,275</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,599,593</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Over 8 years</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(812)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">982,521</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">366,523</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(120,306)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,048,325</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,265,020</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(48,648)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,003,523</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,695,337</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(607,268)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">62,052,278</font></p>







</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">52,022,256</font></p>







</td>







</tr>















</table>
<p style="margin: 10pt 0pt 10pt 36pt; orphans: 0; text-align: justify; text-indent: -18pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Changes in loans, borrowings and debentures</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.8027%; height: 228px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>







</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>







</td>





</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 78%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>







</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,475,628</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">52,987,216</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proceeds</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,636,528</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,785,628</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayment of principal </font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(579,942)</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,054,763)</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(973,919)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,552,292)</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest on </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">work in progress</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(288,569)</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest, exchange rate </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">and fair value</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">938,029</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,027,434</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>







</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,496,324</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">56,904,654</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proceeds</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,911,676</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,983,225</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayment of principal </font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,160,058)</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,187,560)</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,697,950)</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,759,976)</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest on </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">work in progress</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(128,520)</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">285,033</font></p>







</td>





</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest, exchange rate </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">and fair value</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,800,563</font></p>







</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,358,570</font></p>







</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>







</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,350,555</font></p>







</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">66,455,426</font></p>







</td>





</tr>













</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>55</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 2.85pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 46.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;&nbsp;</font></font></font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Guarantees</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiary Rumo has entered into financing contracts with development banks intended for investments guaranteed by bank guarantees at an average cost of 0.67% p.a. or by real guarantees (assets) and escrow accounts. On December 31, 2024, the balance of bank guarantees contracted was R$2,655,231 on December 31, 2024 (R$3,120,034 on December 31, 2023).</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiary MLH has a bank guarantee for a loan from Cosan Lubrificantes S.R.L. (&#8220;Moove Argentina&#8221;), with an average annual cost of 0.18%, and a guarantee with top-tier banks for payment to third parties, with an average annual cost of 3.90%. On December 31, 2024, the balance of contracted guarantees was R$16,061 (R$31,931 on December 31, 2023).</font></p>
<p style="margin: 6pt 0pt 6pt 46.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">d)<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font></font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Unused lines of credit</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the Company and its subsidiaries had credit lines with banks, which were not used, in the amount of R$1,510,231 (R$2,102,756 on December 31, 2023). The use of these lines of credit is subject to certain contractual conditions.</font></p>
<p style="margin: 6pt 0pt 6pt 46.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">e)<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font>&nbsp;</font></font></font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Offset of assets and liabilities</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Since the Company has the legally enforceable right to offset the amounts and the intention to settle them simultaneously, for consolidation purposes, the Company has offset in the statement of financial position the assets relating to the Total Return Swap (&#8220;TRS&#8221;) with the debt liability arising from the debentures, the Time Deposits with the Loans 4131 and the Credit Linked Notes (&#8220;CLNs&#8221;) with the Export Credit Notes (&#8220;NCEs&#8221;) in Brazil, presenting them at their net values, as well as their respective impacts on the income statement. As such, no sensitivity analysis is carried out either, as both transactions present no risk to the Company.</font></p>
<table cellspacing="0" cellpadding="0" style="height: 206px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Segment</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 63%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 15%;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 1%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit Linked Notes</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Rumo</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,334,168</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,952,781</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Time deposit </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Cosan Corporat</font><font style="font-style: italic; line-height: inherit;">e</font></font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,718,105</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TRS </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Cosan Corporat</font><font style="font-style: italic; line-height: inherit;">e</font></font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,640,466</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,354,191</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,692,739 </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,306,972</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NCEs </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Rumo</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,334,168)</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,952,781)</font></p>







</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loan 4131 </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Cosan Corporat</font><font style="font-style: italic; line-height: inherit;">e</font></font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,718,105)</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-indent: 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Debentures </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-style: italic; line-height: inherit;">Cosan Corporat</font><font style="font-style: italic; line-height: inherit;">e</font></font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,640,466)</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,354,191)</font></p>







</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(15,692,739) </font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,306,972)</font></p>







</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>







</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>







</td>







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<p style="font-size: 11pt; line-height: 108%; margin: 0pt 0pt 8pt 42.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The gross values of financial assets and liabilities do not differ from the netted values</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>56</font></font></td>





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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>


















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<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<p style="margin: 0pt 0pt 8pt 14.2pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<div style="margin: 0pt 0pt 8pt 14.2pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_1_271202518317362" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5.5. LEASES</font></a></div>
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<tr style="background-color: #f2f2f2;">
<td style="vertical-align: top; background-color: #f2f2f2; width: 99.9253%;" colspan="2">
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 28.25pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Upon inception or modification of a contract, the Company assesses whether the contract is or contains a lease.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 28.25pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The lease liability is initially measured at the present value of the lease payments that are not made on the commencement date, discounted at the interest rate implicit in the lease or, if that rate cannot be determined easily, at the Company's incremental borrowing rate. The Company's generally uses its incremental borrowing rate as the discount rate.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 28.25pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The lease payments included in calculating the lease liability are as follows:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 24.7pt; orphans: 0; padding-left: 32.05pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">fixed payments, including fixed payments in </font><font style="line-height: inherit;">essence;</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 27.14pt; orphans: 0; padding-left: 29.61pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">index or rate dependent variable lease payments, which are initially calculated using the index or rate at the start </font><font style="line-height: inherit;">date;</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 29.59pt; orphans: 0; padding-left: 27.16pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">amounts expected to be paid by the lessee under residual value guarantees; and</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 30.2pt; orphans: 0; padding-left: 26.55pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> purchase option exercise price if the lessee is reasonably certain to exercise that option, and the payment of lease termination penalties if the lease term reflects the lessee's option to terminate the lease.</font></font></li>





















        </ol>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 28.25pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To calculate the incremental borrowing rate, the Company:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 24.7pt; orphans: 0; padding-left: 32.05pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">where possible, uses the most recent third-party financing received by the individual tenant as a starting point, adjusted to reflect changes in financing terms since the third-party financing was </font><font style="line-height: inherit;">received;</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 27.14pt; orphans: 0; padding-left: 29.61pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">uses an accrual approach that begins with a credit risk-adjusted risk-free interest rate for leases held by the Company that have not had any recent third-party financing; and</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 29.59pt; orphans: 0; padding-left: 27.16pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">makes specific adjustments to the lease, </font><font style="font-style: italic; line-height: inherit;">e.g.</font><font style="line-height: inherit;">, term, country, currency and security.</font></font></li>





















        </ol>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The incremental (nominal) interest rate used by the Company and its subsidiaries was determined based on interest rates, adjusted for functional currency and the terms of its contracts. Rates between </font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">.2</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">% and 13.73% were used, according to the term and currency of each contract.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition, for the measurement of the lease liability, the Company may account for two or more contracts together provided that:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 37.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">have been entered into with the same counterparty or related party of the counterparty; and</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 37.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">have been concluded at close dates; or</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 37.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">if the contracts cannot be understood without joint consideration; or</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 37.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">if they have performance obligations/ interrelated consideration in contracts; or</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 37.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">if</font><font style="line-height: inherit;"> the rights to use the transferred underlying assets in the contracts constitute a single component of the lease.</font></font></li>





















        </ol>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Variable lease payments that do not depend on an index or rate are </font><font style="line-height: inherit;">recognized</font><font style="line-height: inherit;"> as expenses in the period in which the event or condition that generates these </font><font style="line-height: inherit;">payments occurs.</font></font></p>


















       </td>


















      </tr>








































    </table>


















    </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;"><br></div>
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<div>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>57</font></font></td>


















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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


















    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>


















    </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;"><br></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 99.8507%;" width="100%">

<tr style="background-color: #f2f2f2;">
<td style="vertical-align: top; background-color: #f2f2f2; width: 99.9253%;" colspan="2">
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 28.25pt;">The Company is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they come into effect. When adjustments to lease payments based on an index or rate come into effect, the lease liability is revalued and adjusted against the right of use asset.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Lease payments are allocated between </font><font style="line-height: inherit;">the </font><font style="line-height: inherit;">principal and </font><font style="line-height: inherit;">the financial</font><font style="line-height: inherit;"> cost. </font><font style="line-height: inherit;">The financial</font><font style="line-height: inherit;"> cost is </font><font style="line-height: inherit;">debited to</font><font style="line-height: inherit;"> profit over the lease </font><font style="line-height: inherit;">period</font><font style="line-height: inherit;"> to produce a constant periodic interest</font><font style="line-height: inherit;"> rate</font><font style="line-height: inherit;"> on the remaining balance of </font><font style="line-height: inherit;">the liability</font><font style="line-height: inherit;"> in each period.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Payments associated with short-term leases of equipment and vehicles and all leases of low</font> <font style="line-height: inherit;">value assets are recognized </font><font style="line-height: inherit;">by the linear method </font><font style="line-height: inherit;">as an expense in </font><font style="line-height: inherit;">the result.</font><font style="line-height: inherit;"> Short-term leases are </font><font style="line-height: inherit;">leases</font><font style="line-height: inherit;"> with a lease term of 12 months</font><font style="line-height: inherit;"> or less</font><font style="line-height: inherit;">. Low-value assets </font><font style="line-height: inherit;">comprise</font><font style="line-height: inherit;"> IT equipment and small items of office furniture.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In determining the term of the lease, the Company considers all facts and circumstances that create an economic incentive to exercise the option of extension, or not to exercise the option of termination. Extension options (or periods after termination options) are only included in the lease term if there is reasonable certainty that it will be extended (or not terminated).</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For warehouse </font><font style="line-height: inherit;">rentals, retail stores </font><font style="line-height: inherit;">and equipment, the following factors are </font><font style="line-height: inherit;">usually</font><font style="line-height: inherit;"> the most relevant:</font></font></p>
<p style="margin: 6pt 0pt 6pt 71.7pt; orphans: 0; text-align: justify; text-indent: -17.85pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">If there are significant penalties </font><font style="line-height: inherit;">to terminate</font><font style="line-height: inherit;"> (or not </font><font style="line-height: inherit;">extend),</font><font style="line-height: inherit;"> the </font><font style="line-height: inherit;">group </font><font style="line-height: inherit;">is </font><font style="line-height: inherit;">usually</font><font style="line-height: inherit;"> reasonably certain </font><font style="line-height: inherit;">to</font><font style="line-height: inherit;"> extend (or not terminate</font><font style="line-height: inherit;">).</font></font></p>
<p style="margin: 6pt 0pt 6pt 71.7pt; orphans: 0; text-align: justify; text-indent: -17.85pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">If any improvements </font><font style="line-height: inherit;">in leased properties </font><font style="line-height: inherit;">are expected to have a significant </font><font style="line-height: inherit;">remaining</font><font style="line-height: inherit;"> value, the Company </font><font style="line-height: inherit;">typically has a reasonable certainty of extending (or not terminating).</font></font></p>
<p style="margin: 6pt 0pt 6pt 71.7pt; orphans: 0; text-align: justify; text-indent: -17.85pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">Otherwise, the Company considers other factors, including historical </font><font style="line-height: inherit;">rental durations</font><font style="line-height: inherit;"> and the </font><font style="line-height: inherit;">costs and </font><font style="line-height: inherit;">business interruption </font><font style="line-height: inherit;">necessary</font><font style="line-height: inherit;"> to replace the leased </font><font style="line-height: inherit;">asset</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; text-indent: 28.25pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Most </font><font style="line-height: inherit;">of the </font><font style="line-height: inherit;">extension options </font><font style="line-height: inherit;">in offices and car rentals were</font><font style="line-height: inherit;"> not included in the </font><font style="line-height: inherit;">rental</font><font style="line-height: inherit;"> liability because the Company could replace the assets without significant cost or business interruption.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The subsequent </font><font style="line-height: inherit;">valuation</font><font style="line-height: inherit;"> of the lease liability is at amortized cost</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> using </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> effective interest </font><font style="line-height: inherit;">rate </font><font style="line-height: inherit;">method. It is </font><font style="line-height: inherit;">revalued</font><font style="line-height: inherit;"> when there is a change in future lease payments resulting from a change in index or rate, if there is a change in the amounts expected to be paid </font><font style="line-height: inherit;">according to</font><font style="line-height: inherit;"> the residual value guarantee, if the Company changes its </font><font style="line-height: inherit;">valuation, one the </font><font style="line-height: inherit;">option </font><font style="line-height: inherit;">will be</font><font style="line-height: inherit;"> exercised </font><font style="line-height: inherit;">in the</font><font style="line-height: inherit;"> purchase, extension or termination or if there is </font><font style="line-height: inherit;">an essentially fixed</font><font style="line-height: inherit;"> revised lease payment</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>


















       </td>


















      </tr>








































    </table>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;"><br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>58</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>



</div>



</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>



</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;"><br></div>



</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 312px;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 79%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">30,365</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,532,158</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,923,138</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,329)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Settlement interest and foreign exchange variation</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,566</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">458,507</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayment of principal</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,524)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(490,012)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,615)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(236,948)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary adjustment</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">751</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,280</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,543</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,275,794</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,414</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">999,553</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,933)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Settlement interest and foreign exchange variation</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,005</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,120,882</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Repayment of principal</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,532)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(694,340)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payment of interest</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,015)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(377,269)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary adjustment</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,662</font></p>





















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Business combination </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,404</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,459</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,509,753</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,227</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,007,533</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,232</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,502,220</font></p>





















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,459</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,509,753</font></p>





















       </td>


















      </tr>








































    </table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 3%;"><br></td>
<td style="vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; width: 4%;" valign="top"><font style="text-align: justify; text-indent: -48px;">(i)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 93%;"><font style="text-align: justify; text-indent: -48px; line-height: inherit;">Lease liabilities identified in the acquisition of&nbsp;</font><font style="text-align: justify; text-indent: -48px; line-height: inherit;">Compagas</font><font style="text-align: justify; text-indent: -48px; line-height: inherit;">, see note 9.2.</font></td>



</tr>






















    </table>
<p style="margin: 0pt 0pt 0pt 54pt; text-align: justify; text-indent: -36pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>59</font></font></td>












       </tr>

























     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;"><br></font></font></i></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The lease agreements have different terms, with the last due date occurring in December 2058. The amounts are updated annually by inflation indexes (such as IGPM and IPCA) or may incur interest calculated based on the TJLP or CDI and some of the contracts have renewal or purchase options that were considered in determining the term and classification as finance lease. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition to the amortization and appropriation of interest and exchange variation highlighted in the previous tables, the following impacts on income were recorded for the other lease contracts that were not included in the measurement of lease liabilities.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="background-color: #ffffff; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Variable lease payments not included </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">in the recognition of lease obligations</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71,932</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,115</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Expenses related to short-term leases</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,664</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,739</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Low asset leasing costs, excluding short-term leases</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,005</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,376</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">109,601</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">86,230</font></p>





















       </td>


















      </tr>








































    </table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt 14.2pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br>The Company recorded lease liabilities at the present value of future payments, including tax credits to which it will be entitled upon payment of the leases. The potential PIS and COFINS credit included in liabilities on December 31, </font><font style="line-height: inherit;">2024</font><font style="line-height: inherit;"> is R$30,814 (R$32,244 on December 31, 2023).</font></font></p>
<div style="margin: 6pt 0pt 6pt 14.2pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="B_271202518313051" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.6.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> DERIVATIVE FINANCIAL INSTRUMENTS</font></font></a></div>
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<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Initial recognition of derivatives</font><font style="line-height: inherit;"> at fair value </font><font style="line-height: inherit;">occurs </font><font style="line-height: inherit;">on the date </font><font style="line-height: inherit;">a derivative</font><font style="line-height: inherit;"> contract is entered into</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> and </font><font style="line-height: inherit;">derivatives are </font><font style="line-height: inherit;">subsequently remeasured </font><font style="line-height: inherit;">at</font><font style="line-height: inherit;"> fair value at the end of each reporting period. </font><font style="line-height: inherit;">Whether</font><font style="line-height: inherit;"> subsequent changes in fair value</font><font style="line-height: inherit;"> are recorded</font><font style="line-height: inherit;"> depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the </font><font style="line-height: inherit;">item being </font><font style="line-height: inherit;">hedged. The Company </font><font style="line-height: inherit;">identifies</font><font style="line-height: inherit;"> certain derivatives as:</font></font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 24.7pt; orphans: 0; padding-left: 32.05pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">fair value hedge of recognized assets or liabilities or of a firm commitment (fair value hedge); or</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 27.14pt; orphans: 0; padding-left: 29.61pt; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">hedge </font><font style="line-height: inherit;">of</font><font style="line-height: inherit;"> a </font><font style="line-height: inherit;">particular</font><font style="line-height: inherit;"> risk associated with the cash flows of recognized </font><font style="line-height: inherit;">assets and liabilities and highly probable </font><font style="line-height: inherit;">forecasted</font><font style="line-height: inherit;"> transactions (cash flow hedge).</font></font></li>





















        </ol>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">At the inception of the hedging relationship, the Company documents the economic relationship between the hedging instruments and the hedged items, including expected changes in the cash flows of the hedging instruments. The Company documents</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">its risk management objective and strategy for hedging transactions. Changes in the fair value of any</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">derivative instrument</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">that </font><font style="line-height: inherit;">do</font><font style="line-height: inherit;"> not qualify for hedge accounting are immediately registered in the</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">income statement</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">and included in other financial revenue (expenses)</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The fair values of derivative financial instruments designated in hedging relationships are disclosed below. The total fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is greater than 12 months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Company </font><font style="line-height: inherit;">evaluates</font><font style="line-height: inherit;">, both at the </font><font style="line-height: inherit;">beginning</font><font style="line-height: inherit;"> of the hedging relationship and on an ongoing basis, whether the hedging instruments are</font><font style="line-height: inherit;"> anticipated to be</font><font style="line-height: inherit;"> highly effective in offsetting changes in the fair value or cash flows of the respective attributable hedged items. </font><font style="line-height: inherit;">The</font><font style="line-height: inherit;"> actual results of each hedge </font><font style="line-height: inherit;">for</font><font style="line-height: inherit;"> the </font><font style="line-height: inherit;">hedged</font><font style="line-height: inherit;"> risk fall between</font><font style="line-height: inherit;"> 60% </font><font style="line-height: inherit;">and</font><font style="line-height: inherit;"> 140%.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Financial assets and liabilities are offset, and the net amount is reported in the financial position, when there is a legal right to offset the recognized amounts and intent to settle them on a net basis, or when the asset is </font><font style="line-height: inherit;">realized</font><font style="line-height: inherit;"> and the liability is settled simultaneously. The legal right must be enforceable in the ordinary course of business and in the event of default, insolvency, or bankruptcy of the Company or the counterparty.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The </font><font style="line-height: inherit;">estimated </font><font style="line-height: inherit;">fair value of these derivatives is based in part on price quotations </font><font style="line-height: inherit;">published </font><font style="line-height: inherit;">in active markets, </font><font style="line-height: inherit;">to the extent that such observable market data exists</font><font style="line-height: inherit;">, and in part</font><font style="line-height: inherit;"> on</font><font style="line-height: inherit;"> valuation techniques that </font><font style="line-height: inherit;">take into account</font><font style="line-height: inherit;">: (</font><font style="line-height: inherit;">i</font><font style="line-height: inherit;">) prices established in recent purchase and sale transactions</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;"> (ii) margin</font><font style="line-height: inherit;"> of risk in the supply,</font><font style="line-height: inherit;"> and (iii) projected market price in the availability</font><font style="line-height: inherit;"> period. A fair value gain or loss is recognized at the end of the reporting date whenever</font><font style="line-height: inherit;"> the fair value at initial recognition </font><font style="line-height: inherit;">for</font><font style="line-height: inherit;"> these contracts differs from the transaction price.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A financial asset previously accounted for in accordance with IFRS 9/CPC 48 may become an investee accounted for by equity when:</font></p>
<p style="margin: 6pt 0pt 6pt 56.7pt; text-align: justify; text-indent: -17.85pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">the investor acquires an additional stake; or</font></font></p>
<p style="margin: 6pt 0pt 6pt 56.7pt; text-align: justify; text-indent: -17.85pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">There is </font><font style="line-height: inherit;">a change in circumstances that results in obtaining significant influence or joint control.</font></font></p>





















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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt;">The Company uses swap instruments, whose fair value is determined from discounted cash flows discounted cash flows based on market curves, to hedge the exposure to foreign exchange risk and exposure to foreign exchange risk and interest and inflation risk. The consolidated data are presented below:</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>





















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<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















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<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>


















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<td style="vertical-align: top; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>





















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<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















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<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















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<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value</font></p>





















       </td>


















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<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; width: 29%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Exchange rate derivatives</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Forward agreements </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">942,987</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,402</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,042,896</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,716</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,392</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(147)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; FX option agreements</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">411,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">363,098</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,096</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,677</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">942,987</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,402</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,453,896</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">369,814</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">31,488</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">30,530</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Commodity derivatives</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Forward contract - NDF</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,174</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,494</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,158)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,333</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,174</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,494</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,158)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,333</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign exchange and interest rate risk</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Swap agreements (interest rate) </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(ii)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">350,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,038,443</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,705)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,945)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,453,930</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,209,400</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(364,783)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,686)</font></p>





















       </td>


















      </tr>
<tr style="height: 20px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Swap agreements (interest and FX)</font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(iii)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,686,022</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,434,580</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,520,581</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(562,802)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,195,459</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,260,969</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,912,553</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,546,736)</font></p>





















       </td>


















      </tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Forward&nbsp; agreements (interest and FX) </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(iv)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126,472</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,720)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,985,594</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(939,559)</font></p>





















       </td>


















      </tr>
<tr style="height: 20px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Swap agreements (interest and inflation)</font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(ii)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,247,351</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,307,844</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(246,660)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">853,639</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,036,022</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,599,495</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,515,876</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(576,467)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">38,896,740</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">48,763,807</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,301,110</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,643,342)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Share price risk</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Swap agreements&nbsp; - (TRS)</font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;"> (v)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,817,821</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,775,341</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,073,657)</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,298</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,817,821</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,775,341</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,073,657)</font></p>





















       </td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,297</font></p>





















       </td>


















      </tr>
<tr style="height: 20px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Call Spread </font><font style="font-size: 8pt;"><sup><font style="vertical-align: super; line-height: inherit;">(iv)</font></sup></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,667,709</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,594,212</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,341</font></p>





















       </td>
<td style="vertical-align: bottom; height: 20px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 20px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">366,296</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Collar (Vale Shares)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,114,720</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">285,540</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,817,821</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,775,341</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,073,657)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">88,298</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,485,530</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,484,273</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(996,316)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">740,133</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 17px;">
<td colspan="4" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total financial instruments</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">460,621</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(488,169)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">329,124</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(868,346)</font></p>





















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current assets</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,402</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,935</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">905,341</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">202,399</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current assets</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,547,093</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,881</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,893,987</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,344,400</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current liabilities</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,074,991)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(364,747)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,504,117)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,250,520)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current liabilities</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(29,883)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(281,238)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(966,087)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,164,625)</font></p>





















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">460,621</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(488,169)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">329,124</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(868,346)</font></p>





















       </td>


















      </tr>








































    </table>


















   </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;"><br></div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.1;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>61</font></font></td>












       </tr>

























     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;"><br></font></font></i></p>












    <br>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top; width: 5%;" valign="top"><font style="text-align: justify; text-indent: -56.7333px;">(i)</font></td>
<td style="width: 95%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="text-align: justify; text-indent: -56.7333px;">To hedge exposures and expenses in foreign currency, the Company and its subsidiaries have foreign exchange forward agreements and/or options indexed to foreign exchange.</font></td>


















      </tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">(ii)</font><font style="font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; text-align: justify; text-indent: -56.7333px; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">The Company structured derivatives to protect against exposure to pre-fixed interest in Reais&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">in order to</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">&nbsp;convert such debt into post-fixed debt.</font><font style="text-align: justify; text-indent: -56.7333px;">&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">In interest rate and inflation swap transactions, the Company positions itself as assets in the&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">&#205;ndice</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">&nbsp;Nacional de&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">Pre&#231;os</font><font style="text-align: justify; text-indent: -56.7333px;">&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">ao</font><font style="text-align: justify; text-indent: -56.7333px;">&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">Consumidor</font><font style="text-align: justify; text-indent: -56.7333px; font-style: italic; line-height: inherit;">&nbsp;Amplo</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">&nbsp;(&#8220;IPCA&#8221;) plus fixed interest and liabilities at a percentage of the CDI.</font></td>


















      </tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -56.7333px;">(iii)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">The Company and its subsidiary Rumo carry out interest rate and foreign&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">exchange swap</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">&nbsp;transactions, in which the companies position themselves as assets in US dollars plus fixed interest and liabilities at a percentage of the CDI.</font></td>


















      </tr>
<tr>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -56.7333px;">(iv)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="text-align: justify; text-indent: -56.7333px;">The Company structured derivatives, to protect against price fluctuations in Vale's shares.</font></td>


















      </tr>
<tr>
<td style="margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: top;" valign="top"><font style="text-align: justify; text-indent: -56.7333px;">(v)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">The Company&nbsp;</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">entered into</font><font style="text-align: justify; text-indent: -56.7333px; line-height: inherit;">&nbsp;TRS derivative contracts with commercial banks. Through the TRS, with financial settlement, Cosan will receive the return on the variation in the price of CSAN3 shares, adjusted by dividends for the period, and will pay annual interest referenced to CDI plus spread. The equivalent contracted amount of CSAN3 shares with TRS was 110,995,312 shares, and the total initial value was R$1,817,821. On December 31, 2024, the result of the mark-to-market, recorded in the Company's financial expense, was R$1,073,657 (compared to financial income of R$83,390 on December 31, 2023).</font></td>


















      </tr>





































    </table>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Below, we present the breakdown of the registration value of debt and non-debt derivative financial instruments:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 70px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent company</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,534,278</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(576,467)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,319,512</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(990,764)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-derivative financial instruments</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,073,657)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,298</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(990,388)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,418</font></p>





















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">460,621</font></p>





















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(488,169)</font></p>





















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">329,124</font></p>





















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(868,346)</font></p>





















       </td>


















      </tr>








































    </table>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivatives are only used for economic hedging purposes and not as speculative investments.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-style: italic; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-style: italic; font-weight: bold; line-height: inherit;">Fair value hedge</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company adopts fair value hedge accounting for some of its operations, both the hedging instruments and the hedged items are measured and recognized at fair value through profit or loss.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">There is an economic relationship between the hedged item and the hedging instrument because the terms of the interest and FX rate swap correspond to the terms of the fixed-rate loan, i.e., notional amount, term, and payment. Since the underlying risk of the interest and FX rate swap is identical to the hedged risk component, the Company has established a hedge ratio of 1:1 for its hedging relationships. The Company employs the discounted cash flow method and compares changes in the fair value of the hedging instrument with changes in the fair value of the hedged item attributable to the hedged risk in order to evaluate the effectiveness of the hedge. According to the Company's assessment, the sources of hedge ineffectiveness that are most likely to impact the hedge relationship during its term are: (i) a reduction or change in the hedged item; and (ii) a change in the Company's or the contracted swap counterparty's credit risk. The following amounts were associated with the items designated as hedging instruments:</font><font style="font-size: 10pt; text-align: right; line-height: inherit;">&nbsp;<br></font><font style="color: #7dba00; font-size: 10pt; text-align: right; line-height: inherit;">&nbsp;</font></p>


















   </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Registered value</font></p>





















       </td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated fair value adjustment</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 46%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">FX rate risk hedge</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Designated items </font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; PPE - (</font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(536,300)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(620,690)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,554)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; NCE - (</font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(269,870)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(320,606)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,164)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Senior notes 2028 (Rumo Luxembourg)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,791,600)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,631,834)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,178,449)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,278)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">167,874</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Senior notes 2032 (Rumo Luxembourg)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,259,375)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,418,140)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,066,885)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(213,825)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">126,408</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">NCE U.S.$ (Rumo Malha Norte)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(120,850)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,341)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(487,544)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(134,810)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,147</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total debt</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,977,995)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,016,611)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,732,878)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(620,631)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">297,429</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative financial instruments</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; PPE - (</font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">536,300</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,126</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,126</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; NCE - (</font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">269,870</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,452</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,452</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Swaps </font><font style="line-height: inherit;">Senior</font><font style="line-height: inherit;"> Notes 2028 (Rumo Luxembourg)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,791,600</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(50,047)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(460,939)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(410,893)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,265</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Swaps </font><font style="line-height: inherit;">Senior</font><font style="line-height: inherit;"> Notes 2032 (Rumo Luxembourg)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,259,375</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112,984</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(239,630)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(352,614)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110,644</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Swap exchange rate and interest </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(Rumo Malha Norte)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">120,850</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(98,758)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,293</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,049</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,293)</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total derivatives</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,977,995</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">58,757</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(695,276)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(564,880)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">147,616</font></p>





















       </td>


















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,957,854)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,428,154)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,185,511)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">445,045</font></p>





















       </td>


















      </tr>








































    </table>


















    <br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>62</font></font></td>


















       </tr>





































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


















    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>


















    <br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 302px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Registered value</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated fair value adjustment</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 46%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Interest rate risk hedge</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Designated items </font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project VIII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(791,665)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(678,785)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(803,990)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100,511</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,807</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,189,275)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,719,039)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,973,671)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,375,324)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">397,073</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; ACF (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(312,528)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(299,706)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,635)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Finem (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,516)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,764)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(36,301)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(40,521)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">971</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; CCB (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(943,032)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(874,513)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(954,205)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(49,978)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,088)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total debt</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(12,259,016)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(11,597,807)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,768,167)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,378,947)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">442,763</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative financial instruments</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Swaps 5th issue - single series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(221,000)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project VIII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">791,665</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(101,565)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(56,085)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,480)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,108</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Swaps Debenture (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,189,275</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(360,998)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">559,964</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">920,964</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(708,626)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; </font> <font style="line-height: inherit;">ACF</font><font style="line-height: inherit;"> (Rumo)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">312,528</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,864)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,864</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Finem (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,516</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">938</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,600</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">662</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,158)</font></p>





















       </td>


















      </tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; CCB (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">943,032</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(63,659)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,221)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,438</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,245</font></p>





















       </td>


















      </tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative total</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12,259,016</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(539,148)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">490,258</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">938,448</font></p>





















       </td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(889,431)</font></p>





















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(12,136,955)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,277,909)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(440,499)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(446,668)</font></p>





















       </td>


















      </tr>








































    </table>


















   </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0pt; text-align: right;"><br></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Fair value option</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Certain derivative instruments were not </font><font style="line-height: inherit;">designated</font><font style="line-height: inherit;"> to documented hedging structures.</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Company chose to designate the hedged liabilities (hedge objects) to be recorded at fair value through profit or loss. Considering that derivative instruments are always accounted for at fair value through profit or loss, the accounting effects are the same as those that would be obtained through hedging documentation:</font><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>


















   </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 0.9pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Registered Value</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated fair value</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 35%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">FX rate risk</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Items</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes 2027 (Cosan Luxembourg)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">U.S.$</font> <font style="line-height: inherit;">+</font> <font style="line-height: inherit;">7.0</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">%</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,427,382)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,475,674</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,016,330)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,411,031</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">528,855</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Export Credit Agreement (</font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">EUR + 0.58%</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,369)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,525)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(48,849)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(713)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,444)</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2021</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S.$ + 1.60%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(362,774)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,106</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2022</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S.$ + 2.51%</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,097,400)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,245,669)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(943,486)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,580</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,324</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S.$ + 4.76%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(749,310)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(926,262)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(734,191)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,920</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,468)</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BNP Paribas 2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">EUR + 5</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">74%</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">504,226</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(523,634)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(19,408)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,795,235)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(258,416)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,105,630)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,400,410</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">557,373</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative instruments</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Swap Senior Notes 2027 (Cosan </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Luxembourg)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">BRL + 114.</font><font style="line-height: inherit;">66</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,427,382</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">217,523</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(46,214)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,494,564</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(379,397)</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">FX and interest rate swaps (</font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">BRL + 108.</font><font style="line-height: inherit;">00</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,369</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,253</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,316</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,937)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,153</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2021</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.25%</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(63</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">184)</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(12</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">939)</font></font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2022</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.20%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">097</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">400</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">95</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">971</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(212</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">180)</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">308</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">150</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(51</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">811)</font></font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BNP Paribas 2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.35%</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(504</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">226)</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">55</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">805</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">347</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">714</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2018</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">107.9</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(123</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">760)</font></font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Scotiabank 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI + 1.30%</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">749</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">310</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">169</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">185</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(22</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">611)</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">191</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">795</font></font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(22</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">611)</font></font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total derivatives</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,795,235</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">550,737</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(334,873)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,339,286</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(584,365)</font></p>





















       </td>















      </tr>
<tr style="height: 0.9pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">292,321</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,440,503)</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,739,696</font></p>





















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(26,992)</font></p>





















       </td>















      </tr>





































    </table>

















    <br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>63</font></font></td>

















       </tr>



































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>

















    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>

















    <br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; height: 526px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Registered Value</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated fair value adjustment</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">FX rate risk</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Items</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Projects VI and VII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.10%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(101,543)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(88,477)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(112,946)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,288</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(150)</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Project VIII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 3.25%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(688,876)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(639,325)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(743,674)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,439</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,967</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Project IX (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.74%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(565,582)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(554,820)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(598,752)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,110</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(19,875)</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub A (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.74%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(306,207)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(287,962)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,242</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub A (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.74%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(196,598)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(184,883)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,864</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub B (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.01%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(315,186)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(295,695)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,999</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 6<font style="font-size: 8pt;"><sup>th</sup></font></font><font style="line-height: inherit;"> issue - single series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.33%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(554,148)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,509</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 4<font style="font-size: 8pt;"><sup>th</sup></font></font><font style="line-height: inherit;"> issue - 3<font style="font-size: 8pt;"><sup>rd</sup></font></font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 7.36%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,273)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,436)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(80,960)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">718</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(708)</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 9<font style="font-size: 8pt;"><sup>th</sup></font></font><font style="line-height: inherit;"> issue - 1</font><font style="line-height: inherit;"><sup><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">st&nbsp;&nbsp;</font></sup>series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.12%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(500,000)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(512,946)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(550,342)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,728</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,868</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 11</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 1</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">st</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.38%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(750,000)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(685,420)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72,780</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 9</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 2</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">nd</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 5.22%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(500,000)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(466,173)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(533,854)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">133,379</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,919</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 12</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - single series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 7.17%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(600,000)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(588,142)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,096)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debenture 11</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 2</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">nd</font> <font style="line-height: inherit;">s</font><font style="line-height: inherit;">eries (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 6.45%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(750,000)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(662,782)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">85,912</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debentures (</font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.68%</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(180,000)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(248,085)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(396,201)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(59,916)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,474</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; Debentures (</font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA + 4.50%</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(600,000)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(755,061)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(774,939)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(96,457)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,721</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,092,265)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,011,207)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,345,816)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">368,990</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">91,725</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Derivative instruments</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Projects VI and VII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87.50% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,543</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,332)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,396)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,110</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project VIII (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">91</font><font style="line-height: inherit;">.9</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">688,876</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(39,834)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,578)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(33,256)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,461</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project IX (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">98.9</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565,582</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,394</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,904</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,510)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53,536</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub A (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98.49% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">306,207</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,383)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,383)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub A (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">92.35% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">196,598</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,929)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,929)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; BNDES Project IX - Sub B (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95.55% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">315,186</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,994)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,994)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 6</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - single series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">89.9</font><font style="line-height: inherit;">0</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,116</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,535</font></p>





















       </td>

















      </tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 4</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 3</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">rd</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">112.49% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,273</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,203</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,567</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,364)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,345</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 9</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 1</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">st</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109.20% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,192</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,093</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(36,901)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,798</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 11</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 1</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">st</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.45% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">750,000</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,755)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,755)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 9</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 2</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">nd</font><font style="line-height: inherit;"> series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110.60% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(39,535)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,901</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(66,436)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,342</font></p>





















       </td>

















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 12</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - single series (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">9</font><font style="line-height: inherit;">5</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">66</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">600,000</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,424</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,424</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; Debenture 11</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">th</font><font style="line-height: inherit;"> issue - 2</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">nd</font> <font style="line-height: inherit;">s</font><font style="line-height: inherit;">eries (</font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;">)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99.70% CDI</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">750,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84,963)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84,963)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Debentures (Rumo)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">107</font><font style="line-height: inherit;">.00</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">180,000</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,419</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,885</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,466</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,691)</font></p>





















       </td>

















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp; </font> <font style="line-height: inherit;">Debentures (Rumo)</font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">103</font><font style="line-height: inherit;">.00</font><font style="line-height: inherit;">% CDI</font></font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">600,000</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">130,505</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,429</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,924</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(73,337)</font></p>





















       </td>

















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total derivatives</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,092,265</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(67,588)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">363,381</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(334,073)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">154,099</font></p>





















       </td>

















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,078,795)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,982,435)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">34,917</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">245,824</font></p>





















       </td>

















      </tr>







































    </table>


















   </div>
<div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0pt; text-align: right;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>64</font></font></td>

















       </tr>



































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>

















    </div>
<p style="margin: 10pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Cash flow hedge</font></font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The indirect subsidiary Edge </font><font style="line-height: inherit;">Comercializa&#231;&#227;o</font><font style="line-height: inherit;"> S.A. </font><font style="line-height: inherit;">entered into</font><font style="line-height: inherit;"> a natural gas sales contract (Brent risk) with a third party and related party. </font><font style="line-height: inherit;">In order to</font><font style="line-height: inherit;"> protect and mitigate the risks arising from fluctuations in natural gas indexes, the subsidiary designated this operation subject to hedge accounting for the respective cash flow protection.</font></font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The expected benefits of this contract </font><font style="line-height: inherit;">are:</font><font style="line-height: inherit;"> reducing the financial risk associated with fluctuations in natural gas prices, avoiding fluctuations in the financial results of hedging instruments, protecting the subsidiary's margins, maintaining predictability in its costs or revenues and ensuring greater stability in operating results.</font></font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The indirect subsidiary TRSP has adopted a hedge accounting strategy to protect its results from exposure to variability in cash flows arising from the exchange rate effects of highly probable revenues in US dollars projected for a period of 20 years, through non-derivative hedging instruments - lease liabilities in US dollars already contracted.</font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">On December 31, </font><font style="line-height: inherit;">2024</font><font style="line-height: inherit;"> there was </font><font style="line-height: inherit;">an</font><font style="line-height: inherit;"> ineffective portion reclassified to profit or loss</font><font style="line-height: inherit;">, according to item (b) </font><font style="line-height: inherit;">bellow</font><font style="line-height: inherit;">. The impacts recognized in the subsidiary's equity and the estimated realization in equity are shown below:</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">i)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Composition</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 61px; width: 100%;" width="100%">

<tr style="height: 29px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 23.4%; border-bottom: 1pt solid #000000; height: 29px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Financial instruments</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.44%; height: 29px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.82%; border-bottom: 1pt solid #000000; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Subsidiary</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 6.62%; border-bottom: 1pt solid #000000; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Risk</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 4.28%; border-bottom: 1pt solid #000000; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unit</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.06%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10.3%; border-bottom: 1pt solid #000000; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Notional R$</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 0.94%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.62%; height: 29px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value 12/31/2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 0.94%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.62%; height: 29px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Book value 12/31/2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 0.94%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 8.86%; height: 29px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(-) Deferred taxes</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 0.94%; height: 29px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.28%; height: 29px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Effect on shareholders' equity 12/31/2024</font></p>





















       </td>


















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: bottom; width: 23.4%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasing</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.44%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.82%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 6.62%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">FX rate</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 4.28%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">BRL</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.06%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10.3%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (1,783,341)</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.62%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 446,224 </font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 9.62%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 446,224 </font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 8.86%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> (151,716)</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.28%; background-color: #cceeff; text-align: right; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> 294,508 </font></p>





















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 23.4%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Effect on finance </font><font style="font-weight: bold; line-height: inherit;">position</font></font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.44%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 9.82%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 6.62%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.46%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 4.28%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.06%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10.3%; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,783,341)</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 9.62%; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">446,224</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 9.62%; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">446,224</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 8.86%; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(151,716)</font></p>





















       </td>
<td style="vertical-align: bottom; width: 0.94%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.28%; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">294,508</font></p>





















       </td>


















      </tr>








































    </table>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ii)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Changes</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 65px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Financial instruments</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net operating revenue</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Net financial result</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Comprehensive income</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">R</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ealized </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">g</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ains</font> </font></p>





















       </td>


















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 48%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative futures (BRENT)</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,149)</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,880)</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,029</font></p>





















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 10pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leasing</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,937)</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(486)</font></p>





















       </td>
<td style="padding-left: 9pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">446,224</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>





















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">December 31, 2024</font></p>





















       </td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(12,086)</font></p>





















       </td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(18,366)</font></p>





















       </td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">446,224</font></p>





















       </td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23,029</font></p>





















       </td>


















      </tr>








































    </table>


















    <font style="font-size: 10pt;">&nbsp;</font>
<div style="font-size: 12pt; line-height: 108%; margin: 0pt 0pt 8pt 14.2pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_3_2712025183215763" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.7</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">TRADE RECEIVABLES</font> </font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 439.35pt;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Trade receivables are initially recognized at the unconditional consideration amount unless they contain significant financing components, in which case they are recognized at fair value. The Company holds trade receivables with the intention of collecting the contractual cash </font><font style="line-height: inherit;">flows, and</font><font style="line-height: inherit;"> subsequently measuring them at amortized cost using </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> effective interest rate method.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">For the purpose of</font><font style="line-height: inherit;"> estimating credit losses, trade receivables have been categorized according to their credit risk characteristics and days overdue. A loss allowance</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">for anticipated credit losses is recognized as a component of selling expenses.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The expected loss rates are derived from historical credit losses incurred during the period. Historical loss rates may be modified to reflect current and forecasted information regarding macroeconomic factors that influence the ability of customers to settle receivables. The Company has determined that the implied interest rate in the agreement is the most significant factor, and as a result, it adjusts historical loss rates based on the anticipated changes to this factor.</font></p>





















       </td>





















      </tr>











































    </table>
<p style="font-size: 10pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>65</font></font></td>











       </tr>























     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











    </div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;"><br></font></font></i></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 178px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>














      </tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>














      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 79%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Domestic market </font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,220,315</font></p>





















       </td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,790,623</font></p>





















       </td>














      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Unbilled receivables </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">853,993</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">782,813</font></p>





















       </td>














      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign market - foreign currency </font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">134,127</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,308</font></p>





















       </td>














      </tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,208,435</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,605,744</font></p>





















       </td>














      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Expected credit losses</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(212,701)</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(161,108)</font></p>





















       </td>














      </tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,995,734</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,444,636</font></p>





















       </td>














      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,730,364</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,330,488</font></p>





















       </td>














      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">265,370</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,148</font></p>





















       </td>














      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,995,734</font></p>





















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,444,636</font></p>





















       </td>














      </tr>




































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(i)</font><font style="line-height: inherit; margin-left: 14px;">Unbilled revenue refers to the portion of the monthly gas supply for which measurement and billing have not been completed</font><font style="line-height: inherit;">, </font><font style="line-height: inherit;">however already recorded in the balance sheet in accordance with the Company's accounting policy</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The </font><font style="line-height: inherit;">aging</font><font style="line-height: inherit;"> of accounts receivable is as follows:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 161px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>





















      </tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #dddddd !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>





















       </td>





















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Not overdue </font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,615,094</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,181,795</font></p>





















       </td>





















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Overdue</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>





















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Up to 30 days</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">280,392</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,143</font></p>





















       </td>





















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; From 31 to 60 days</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">74,817</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,968</font></p>





















       </td>





















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; From 61 to 90 days</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,198</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,146</font></p>





















       </td>





















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; More than 90 days</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">210,934</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">153,692</font></p>





















       </td>





















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Expected credit losses</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(212,701)</font></p>





















       </td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(161,108)</font></p>





















       </td>





















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,995,734</font></p>





















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,444,636</font></p>





















       </td>





















      </tr>











































    </table>
<p style="font-size: 10pt; line-height: 108%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in the expected credit losses are as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 149px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>





















       </td>


















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 90%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(154,618)</font></p>





















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision / reversal</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(31,053)</font></p>





















       </td>


















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,353</font></p>





















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,210</font></p>





















       </td>


















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(161,108)</font></p>





















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Corporate reorganization (Note 9.2)</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,606)</font></p>





















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision / reversal</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(54,882)</font></p>





















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,895</font></p>





















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>





















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(212,701)</font></p>





















       </td>


















      </tr>








































    </table>
<p style="font-size: 10pt; line-height: 1.2%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>





















   </div>




















  </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><br><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_4_2712025183250208" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-align: justify; line-height: inherit;">5.8. RELATED PARTIES</font></a></div>




















   </div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 136px;" width="100%">

<tr style="height: 136px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 432.25pt; height: 136px;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Commercial operations, involving related parties, are carried out at normal market prices. Financial and corporate transactions are carried out in accordance with the contracts established between the parties. Outstanding balances at year end are not guaranteed, are not subject to interest and are settled in cash. There were no guarantees given or received on any accounts receivable or payable involving related parties. At the end of each period, an analysis of the recovery of amounts and receivables is carried out and for the years ended December 31, 2024 and 2023 no provision was recognized.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has a Cost Sharing Agreement that outlines the sharing of activities and expenses, along with reimbursement guidelines and other commercial terms for the allocation of group expenses. These expenses are classified as intercompany transactions.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.</font></p>




















       </td>




















      </tr>









































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>66</font></font></td>








</tr>

















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>








</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-size: 10pt; text-indent: -28.35pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">Accounts receivable and payable with related parties:</font></p>
<table cellspacing="0" cellpadding="0" style="height: 636px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"> <br></p>




















       </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 56%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current assets</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Commercial operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 22px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,241</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,798</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72,518</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,004</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,706</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,214</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CLI Sul S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,458</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,633</font></p>




















       </td>



















      </tr>
<tr style="height: 22px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Lubrificantes e Especialidades S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 22px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,164</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,722</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aguassanta Participa&#231;&#245;es S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass G&#225;s e Energia S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">18,561</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,253</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Termag - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,286</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,286</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Associa&#231;&#227;o Gestora da Ferrovia Interna </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">do Porto de Santos (AG-FIPS)</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,985</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vale S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,321</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,000</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Radar Gest&#227;o de Investimentos S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">564</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Radar Propriedades Agr&#237;colas S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,885</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Norg&#225;s S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,976</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">239</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,052</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">452</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">66,370</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,206</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">150,185</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">108,439</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial and corporate operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,173</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,020</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,173</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,032</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Dez Participa&#231;&#245;es S.A.<font style="font-size: 8pt; line-height: inherit;"> <font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">iii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">111,659</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ligga S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iv)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107,000</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,556</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,466</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,705</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">47,729</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">149,145</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">46,878</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">143,032</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total current assets</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">114,099</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">173,351</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">197,063</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">251,471</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current assets</font></p>




















       </td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Commercial operations</font></p>




















       </td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Termag - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,438</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,952</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,438</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">36,952</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial and corporate operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,864</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,911</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,920</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,935</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Lubrificantes e Especialidades S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">109,550</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">127,834</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ligga S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iv)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,468</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,468</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,733</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">292,882</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">174,745</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">181,388</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">51,668</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total non-current assets</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">292,882</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">174,745</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">202,826</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">88,620</font></p>




















       </td>



















      </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Related </font><font style="font-weight: bold; line-height: inherit;">parties</font><font style="font-weight: bold; line-height: inherit;"> receivables </font></font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">406,981</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">348,096</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">399,889</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">340,091</font></p>




















       </td>



















      </tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; border-top-width: 2.8pt; border-top-style: double; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>








































    </table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>67</font></font></td>
















       </tr>

































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
















    </div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; height: 336px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 56%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Current liabilities</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Commercial operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A.<font style="font-size: 8pt; line-height: inherit;"> <font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,176</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,099</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">303,656</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">232,713</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Termag - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,149</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,500</font></p>




















       </td>



















      </tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Associa&#231;&#227;o Gestora da Ferrovia Interna </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">do Porto de Santos (AG-FIPS)</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 16px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,119</font></p>




















       </td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aguassanta Participa&#231;&#245;es S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">984</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Lubrificantes e Especialidades S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(ii)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,065</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Vale S.A.</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,000</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">58</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,065</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,932</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,542</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,240</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,229</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">358,856</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">287,739</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial and corporate operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 22px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A.<font style="font-size: 8pt; line-height: inherit;"> <font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 22px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56,478</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,405</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">57,554</font></p>




















       </td>
<td style="vertical-align: middle; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,421</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Overseas Limited <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(v)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,012</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,282</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(v)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105,890</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">123,983</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">202,380</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">187,670</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">57,554</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">34,421</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total current liabilities</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">210,620</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">198,899</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">416,410</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">322,160</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Non-current liabilities</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Financial and corporate operations</font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>



















      </tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Lubrificantes e Especialidades S.A.<font style="vertical-align: super; font-size: 8pt; line-height: inherit;"> (ii)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 12px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">591,491</font></p>




















       </td>
<td style="vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">655,683</font></p>




















       </td>
<td style="vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(v)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,342,012</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,355,612</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Overseas Limited <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(v)</font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,117,823</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,437,595</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>



















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A<font style="font-size: 8pt; line-height: inherit;">. <font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 0px; vertical-align: middle; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,078</font></p>




















       </td>



















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total non-current liabilities</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,052,404</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,449,968</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,078</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,078</font></p>




















       </td>



















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Payables to related parties</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,263,024</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,648,867</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">417,488</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">323,238</font></p>




















       </td>



















      </tr>








































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 4%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="width: 96%; padding: 1px 1px 6px;">
<p style="margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Current and non-current assets receivable from Ra&#237;zen S.A. and its subsidiaries are, substantially, tax credits that will be reimbursed to the Company when realized. The preferred shares are used by Ra&#237;zen to reimburse Cosan, with preferred dividends, when the net operating loss is consumed in Ra&#237;zen.</font></p>
<p><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Current liabilities represent&nbsp;Cosan&nbsp;S.A.'s obligation to reimburse&nbsp;Ra&#237;zen&nbsp;S.A. and its subsidiaries for expenses related to settled legal disputes and other liabilities incurred prior to the formation of the joint venture.</font></p>
















       </td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On December 31, 2018, an agreement for the assumption of rights and obligations was entered into, and assets and liabilities related to the fuel business were transferred, arising from the acquisition of<font style="line-height: inherit;">&nbsp;</font></font>Esso<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>Brasileira<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>de<font style="line-height: inherit;">&nbsp;</font></font>Petr&#243;leo<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>Ltda<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">. (&#8220;</font>Esso<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#8221;) in 2008, which were not contributed to the formation of<font style="line-height: inherit;">&nbsp;</font></font>Ra&#237;zen<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">.</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(iii)</font></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The highlighted amounts refer to expenses incurred by<font style="line-height: inherit;">&nbsp;</font></font>Cosan<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>S.A. in the process of issuing preferred shares of<font style="line-height: inherit;">&nbsp;</font></font>Cosan<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font></font>Dez<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>while they were in the process of incorporation, and which will be reimbursed by these entities.</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(iv)</font></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">Balance of financial operation between the Company and<font style="line-height: inherit;">&nbsp;</font></font>Ligga<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>S.A. calculated at 120% of the CDI rate.</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(v)</font></td>
<td style="padding: 1px 1px 6px;">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">These operations serve as a vehicle for transferring funds from the Company to the subsidiaries, which are the holders of Senior Notes and are responsible for honoring their obligations. The increases observed in these liability balances refer to the creation of a loan arising from the transfer of the Senior Notes due 2029 debt and foreign exchange rate variation, which was levied on the Export Prepayment (&#8220;PPE&#8221;) operations that we have today between the Companies and the subsidiaries<font style="line-height: inherit;">&nbsp;</font>Cosan<font style="line-height: inherit;">&nbsp;</font>Luxemburgo<font style="line-height: inherit;">&nbsp;</font>and<font style="line-height: inherit;">&nbsp;</font>Cosan<font style="line-height: inherit;">&nbsp;</font>Overseas Limited (&#8220;Cosan<font style="line-height: inherit;">&nbsp;</font>Overseas&#8221;).</font></p>
















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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>68</font></font></td>











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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Transactions with related parties</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">:</font></font><font style="color: #7dba00; font-size: 10pt; text-align: right; line-height: inherit;">&nbsp;</font></p>
















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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 522px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"> <br></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















       </td>
<td colspan="4" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 57%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating income</font></p>




















       </td>
<td style="vertical-align: middle; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,294,971</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">974,612</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Eleva&#231;&#245;es Portu&#225;rias S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,375</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,434</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Vale S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,350</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56,000</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,353,696</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,046,046</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Purchase of goods / inputs / services</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &nbsp;&nbsp; Ra&#237;zen S.A. <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,129,874)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,251,896)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Vale S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,544)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(52,000)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Eleva&#231;&#245;es Portu&#225;rias S.A.</font></p>




















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<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,536)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(74,785)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(45)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,134,418)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,395,217)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Shared income (expenses</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass G&#225;s e Energia S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">102,044</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,908</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Companhia de G&#225;s de S&#227;o Paulo - COMG&#193;S&nbsp;&nbsp; </font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(176)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Radar Propriedades Agr&#237;colas S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,881</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Lubrificantes e Especialidades S.A.&nbsp;&nbsp;&nbsp; </font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,576</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,275</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Eleva&#231;&#245;es Portu&#225;rias S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(753)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Ra&#237;zen S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,352)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,887)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(30,156)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83,054)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,497</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,195</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trizy - Sinlog Tec. Em Logistica S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">129</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 9pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">131,626</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,500</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(30,178)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(83,809)</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Finance result</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cosan Luxembourg S.A.</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,139,998)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(269,661)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Cosan Overseas Limited </font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(912,722)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,199)</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Aldwych Temple Venture Capital Limited</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">46,191</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Other</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,818</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,808</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,047,902)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(237,669)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,808</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,916,321)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(220,169)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,806,092)</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,432,980)</font></p>




















       </td>


















      </tr>







































    </table>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 0pt 54pt; text-indent: -36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(i)<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font>The amount is related to the purchase of fuels and provision of logistics transport by the subsidiary Rumo.</font></p>
















   </div>
<div style="line-height: 1.2;">
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Remuneration of administrators and directors</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">:</font></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;The Company has a compensation policy approved by the Board of Directors. Compensation of the Company's key management personnel includes salaries, contributions to a defined post-employment benefit plan and share-based payment. On May 29, 2024, the Annual General Meeting approved the global annual compensation of the managers and members of the Fiscal Council for the 2023 fiscal year. We present below the results of the Parent Company and Consolidated:</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 94px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; width: 56.9543%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 20.9137%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 20.9137%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 56.9543%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 9.94924%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1.01523%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 9.94924%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1.01523%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 9.94924%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: middle; height: 10px; width: 1.01523%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 9.94924%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 56.9543%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Short-term benefits to employees </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">and directors</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">52,437</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,465</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">175,487</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">207,026</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 56.9543%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share-based compensation </font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,587</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,513</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,569</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97,510</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 56.9543%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment benefits</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">534</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">532</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,369</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,888</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 17px; width: 56.9543%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Employment termination benefits</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,645</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,645</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.94924%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,781</font></p>




















       </td>


















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 56.9543%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other long-term benefits</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,981</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.94924%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>


















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 56.9543%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 9.94924%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">106,203</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 9.94924%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">118,510</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 9.94924%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">253,051</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; width: 1.01523%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 9.94924%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">368,205</font></p>




















       </td>


















      </tr>







































    </table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>69</font></font></td>


















       </tr>





































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


















    </div>
<div><br></div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 6pt 0pt 6pt 14.2pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_5_271202518338649" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.9</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">TRADE </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">PAYABLES</font> </font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 450.15pt;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 35.4pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Due to the short-term nature of trade payables, their carrying amounts are the same as their fair values, and they are generally paid within 30 to 45 days of recognition.</font></p>




















       </td>




















      </tr>









































    </table>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following are the supplier balances:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 155px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 57%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Material and services suppliers</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,744</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,431</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,205,516</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,110,114</font></p>




















       </td>


















      </tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Natural gas<font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font>/ transport and </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">logistics suppliers</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">156</font></p>




















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">982,333</font></p>




















       </td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,074,411</font></p>




















       </td>


















      </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,900</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,431</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,187,849</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,184,525</font></p>




















       </td>


















      </tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>


















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,900</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,431</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,168,593</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,920,273</font></p>




















       </td>


















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current </font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,256</font></p>




















       </td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">264,252</font></p>




















       </td>


















      </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,900</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,431</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,187,849</font></p>




















       </td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,184,525</font></p>




















       </td>


















      </tr>







































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp;(i)<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The open balance of natural gas supply primarily refers to the natural gas supply contracts with Petr&#243;leo Brasileiro S.A. (&#8220;Petrobras&#8221;).</font></p>
<div style="margin: 12pt 0pt 12pt 14.2pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_2712025183341673" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.10</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">SECTORIAL FINANCIAL ASSET AND LIABILITY</font> </font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #ededed; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The sectoral financial assets and liabilities are intended to neutralize the economic impacts on the distributors' results of the difference between the cost of gas and the tax rates contained in the resolutions issued by the regulatory agencies and those actually included in the tariff at each tariff adjustment/revision.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The regulatory agencies of the indirect subsidiaries:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comg&#225;s and Necta G&#225;s Natural S.A. (&#8220;Necta&#8221;) regulated by <font style="font-style: italic; line-height: inherit;">Ag&#234;ncia Reguladora de Servi&#231;os P&#250;blicos do Estado de S&#227;o Paulo</font> (&#8220;ARSESP&#8221;) through Deliberation No. 1,010.</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compagas regulated by <font style="font-style: italic; line-height: inherit;">Ag&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Reguladora</font><font style="font-style: italic; line-height: inherit;"> do Paran&#225; </font>(&#8220;AGEPAR&#8221;) through Resolution 028/2022.</font></li>




















        </ul>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Based on the aforementioned resolutions, the subsidiary Compass concluded that there was no uncertainty as to the recognition of the sector's financial assets and liabilities as amounts effectively receivable or payable.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accordingly, subsidiaries recognize sectoral financial assets and liabilities in their financial statements, calculated as the difference between the actual cost and the cost considered in the tariff adjustments, generating a right when the realized cost is higher than that considered in the tariff, or an obligation when the costs are lower than those considered in the tariff. The differences are considered in the subsequent tariff adjustment and become part of the tariff adjustment index of the distributors.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For the indirect subsidiary Companhia de G&#225;s do Estado do Rio Grande do Sul (&#8220;Sulg&#225;s&#8221;), the recognition of sectoral financial assets and liabilities will only be recorded after the regulation of the respective regulatory agency, the <font style="font-style: italic; line-height: inherit;">Ag&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Estadual</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Regula&#231;&#227;o</font><font style="font-style: italic; line-height: inherit;"> dos Servi&#231;os </font><font style="font-style: italic; line-height: inherit;">P&#250;blicos</font> <font style="font-style: italic; line-height: inherit;">Delegados</font><font style="font-style: italic; line-height: inherit;"> do Rio Grande do Sul</font> (&#8220;AGERGS&#8221;).</font></p>




















       </td>




















      </tr>









































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>70</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The movement of net sectoral financial assets (liabilities) was as follows:</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 264px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 19px;">
<td style="vertical-align: middle; height: 19px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; width: 10.1235%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Sectorial </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ssets</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 19px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; width: 10.1235%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Sectorial liabilities </font><font style="color: #0078ab; font-weight: bold; vertical-align: super; line-height: inherit;">(iv)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 19px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; width: 10.1235%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 65.5967%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 10.1235%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">342,333</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,616,616)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,274,283)</font></p>




















       </td>
















      </tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of gas <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,954</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,954</font></p>




















       </td>
















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax credits</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,425</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(47,144)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,719)</font></p>




















       </td>
















      </tr>
<tr style="height: 22px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 22px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary update<font style="vertical-align: super; font-size: 8pt; line-height: inherit;"> (ii)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49,098</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 22px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 22px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(146,938)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 22px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 22px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(97,840)</font></p>




















       </td>
















      </tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 22px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferral of IGP-M <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iii)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,890</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 22px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 22px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">116,890</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">548,700</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,810,698)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,261,998)</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost of gas <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(12,437)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,210)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,647)</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax credits</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(65,710)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(65,710)</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Monetary update<font style="vertical-align: super; font-size: 8pt; line-height: inherit;"> (ii)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71,981</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(161,621)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(89,640)</font></p>




















       </td>
















      </tr>
<tr style="height: 13px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 13px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferral of IGP-M <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iii)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">117,418</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 13px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 13px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">117,418</font></p>




















       </td>
















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,980</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,980</font></p>




















       </td>
















      </tr>
<tr style="height: 11px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 11px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 11px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">731,642</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 11px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 11px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,040,239)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 11px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 11px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,308,597)</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.987654%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">221,947</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(64,718)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,229</font></p>




















       </td>
















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">509,695</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,975,521)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 0.987654%; height: 17px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.1235%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,465,826)</font></p>




















       </td>
















      </tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; width: 65.5967%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">731,642</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 0.987654%; height: 18px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,040,239)</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 0.987654%; height: 18px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; width: 10.1235%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,308,597)</font></p>




















       </td>
















      </tr>





































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 4%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="width: 96%; padding: 1px 1px 6px;">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Refers to the difference between the cost of gas purchased and that contained in tariffs, which is fully classified as current assets since the regulator's deliberation calls for annual tariff recovery for the residential and commercial segments and quarterly tariff recovery for the other segments.</font></p>
















       </td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">Recalculation of the gas current account and extemporaneous credit using the SELIC rate.</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(iii)</font></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">Appropriation of the deferral of the IGP-M for the residential and commercial segments.</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(iv)</font><br></td>
<td style="padding: 1px 1px 6px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">The<font style="line-height: inherit;">&nbsp;</font></font>ARSESP's<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>conclusion on the refund to consumers of PIS and COFINS credits resulting from the exclusion of ICMS from the calculation base has been extended to May 20, 2025, in accordance with Resolution No. 1573 of September 23, 2024. Until ARSESP defines the next steps and the restitution schedule, the Company is keeping the amounts accrued as non-current sector liabilities.</font></td>
















      </tr>

































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>71</font></font></td>


















       </tr>





































     </table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


















    </div>
<p style="margin: 8pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="font-size: 12pt; line-height: 108%; margin: 0pt 0pt 8pt 14.2pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_6_2712025183356802" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">11</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> FAIR VALUE MEASUREMENTS</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value is the price that would be obtained for the sale of an asset or paid for the transfer of a liability in an unforced transaction between market participants on the measurement date. The fair value measurement assumes that the transaction to sell the asset or transfer the liability will occur:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the principal market for the asset or liability; or</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the absence of a principal market, in the most advantageous market for the asset or liability. The Company must have access to the main or most advantageous market.</font></li>




















        </ul>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The measurement of the fair value of an asset or liability is based on the assumptions that market participants would use to set the price, assuming that they are acting in their best economic interests.</font></p>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For non-financial assets, fair value measurement considers the market participant's ability to generate economic benefits by using the asset in its best possible use or by selling it to another participant who would use it for the same purpose.</font></p>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The best evidence of the fair value of a financial instrument on initial recognition is generally the transaction price, i.e. the fair value of the consideration given or received. If the Company determines that the fair value on initial recognition differs from the transaction price and is not evidenced by a quoted price in an active market for an identical asset or liability, nor based on a valuation technique for which any unobservable data is considered insignificant, the financial instrument is initially measured at fair value adjusted to reflect the difference between the initial fair value and the transaction price. Subsequently, this difference is recognized in profit or loss in an appropriate manner over the life of the instrument, or until the valuation is fully supported by observable market data or the transaction is closed, whichever occurs first.</font></p>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">All assets and liabilities measured or disclosed at fair value in the financial statements are classified within the fair value hierarchy, as described below:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity has access at the measurement date;</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 2: valuation techniques for which the inputs are not the quoted prices included in Level 1, but which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices);</font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 33.96pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Level 3: valuation techniques that include information about the asset or liability that is not based on observable market data (unobservable information).</font></li>




















        </ul>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When measuring the fair value of an asset or liability, the Company uses observable market data as much as possible. The specific valuation techniques used to value financial instruments include:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 62.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Use of quoted market prices;</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 62.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value calculated as the present value of estimated future cash flows. Estimates of future floating rate cash flows are based on quoted swap rates, futures prices and interbank lending rates. The estimated cash flows are discounted using a yield curve constructed from similar sources and reflecting the relevant reference interbank rate used by market participants for this purpose when pricing interest rate swaps. The estimate of fair value is subject to a credit risk adjustment that reflects the credit risk of the Company and its counterparty; this is calculated based on the credit spreads derived from the current credit default swap; and</font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 6pt 62.2pt; orphans: 0; padding-left: 13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For other financial instruments, discounted cash flow analysis.</font></li>




















        </ol>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">External valuers may be involved in the valuation of significant assets and liabilities, such as investment properties, unlisted financial assets and contingent consideration.</font></p>
<p style="margin: 6pt 0pt 6pt 21.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For fair value disclosure purposes, the Company defines classes of assets and liabilities based on their nature, characteristics and risks involved, as well as the level of the fair value hierarchy, as explained above.</font></p>




















       </td>




















      </tr>









































    </table>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">All resulting fair value estimates are included in level 2, except for contingent consideration payables for which fair values have been determined using present values and discount rates adjusted for counterparty or own credit risk.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The carrying amounts and fair value of consolidated assets and liabilities are as follows:</font></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>72</font></font></td>


















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     </table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


















    </div>


















   </div>
<div style="line-height: 1.2;">
<p style="margin: 0px; text-align: right; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Carrying amount</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="11" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets and liabilities measured at fair value</font></p>




















       </td>
















      </tr>
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<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Note</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 1</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 2</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 3</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 1</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 2</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Level 3</font></p>




















       </td>
















      </tr>
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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Investment funds</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.2</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,122,442</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,298,142</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,122,442</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,298,142</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Marketable securities</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.3</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,386,301</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,503,961</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,386,301</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,503,961</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Other financial assets</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,113</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,113</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Investment properties<font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.5</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,818,919</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,976,126</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,818,919</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,976,126</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Derivate financial instruments</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,799,328</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,546,799</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,799,328</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,546,799</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">26</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">131</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">485</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">25</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">328</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">141</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">495</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">308</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">071</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">16</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">818</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">919</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">113</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">348</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">902</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">15</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">976</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">126</font></font></p>




















       </td>
















      </tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Loans, financing and debentures<font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(ii)</font></font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.4</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(66,455,426)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(56,904,654)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,294,034)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,952,492)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Derivative financial instruments</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.6</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,470,204)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,415,145)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,470,204)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,415,145)</font></p>




















       </td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(69</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">925</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">630)</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(60</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">319</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">799)</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(31</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">764</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">238)</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(26</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">367</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">637)</font></font></p>




















       </td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















       </td>
















      </tr>





































    </table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
       </td>


















      </tr>





































    </table>
















   </div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: right;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; line-height: inherit;">(i)</font></td>
<td style="width: 95%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; line-height: inherit;">The fair value of investment properties was determined using the direct comparative method of market data applied to transactions involving similar properties (type, location, and quality of property) and, to a lesser extent, sales quotes for potential transactions involving comparable assets (level 3). The methodology used to determine fair value incorporates direct comparisons of market information, such as market research, homogenization of values, spot market prices, sales, distances, facilities, access to land, topography and soil, land use (crop type), and rainfall, among other data, in accordance with the standards issued by the Brazilian Association of Technical Standards (</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; font-style: italic; line-height: inherit;">Associa&#231;&#227;o</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; font-style: italic; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>Brasileira de Normas<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; font-style: italic; line-height: inherit;">T&#233;cnicas</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; text-indent: -42.55pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>("ABNT"). The discount rates used varies between 6.06% p.a. and 10.40% p.a. on December 31, 2024 (11.12% to 11.20% p.a. on December 31, 2023).</font></td>
















      </tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">The fair value of the Company&#8217;s loans does not differ significantly from their carrying value except for the debts that are designated at fair value through the result.</font></td>
















      </tr>

































    </table>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">For debts having a market value quoted on the Luxembourg Stock Exchange the measurement of fair value for disclosure purposes is based on the quoted market price as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Debt</font></p>




















       </td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Company</font></p>




















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















       </td>

















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes 2028</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Luxembourg S.&#224; r.l.</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97.32%</font></p>




















       </td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96.41%</font></p>




















       </td>

















      </tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes 2032</font></p>




















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Luxembourg S.&#224; r.l.</font></p>




















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">84.30%</font></p>




















       </td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">85.65%</font></p>




















       </td>

















      </tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Senior Notes 2027</font></p>




















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A.</font></p>




















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99.63%</font></p>




















       </td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















       </td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.92%</font></p>




















       </td>

















      </tr>






































    </table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>73</font></font></td>

















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>

















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  </div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif; line-height: 1.2;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif; line-height: 1.2;"><i></i><br></p>










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<div style="margin: 0pt 0pt 0pt 14.2pt; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_8_2712025183440902" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5.12.</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">FINANCIAL RISK MANAGEMENT</font> </font></a></div>
<p style="margin: 6pt 0pt 6pt 35.4pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">This note describes the group's exposure to financial risks and how these risks may affect future financial performance. To provide more context, current year profit or loss information has been included where applicable:</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Risk</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Exposure arising from</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Measurement</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #ffffff; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Management</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk - foreign exchange</font></p>












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<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Future commercial transactions.</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recognized financial assets and liabilities not denominated in Reais.</font></li>












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<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash flow forecasting</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sensitivity analysis</font></li>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk - interest</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents, securities, loans, borrowings and debentures, leases and derivative financial instruments.</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sensitivity analysis</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest rate swap</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk &#8211; price</font></p>












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<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Future business transactions</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investment in securities</font></li>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 99.2pt; border-image: initial; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash flow forecasting</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sensitivity analysis</font></li>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 113.4pt; border-image: initial; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Future price of electricity (purchase and sale)</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative protection for valuation and devaluation of shares</font></li>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit risk</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents, marketable securities, trade receivables, derivatives, receivables from related parties, dividends and investment property</font></p>












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<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Analysis by maturity</font></li>
<li style="font-family: 'times new roman', times; font-size: 8pt; margin: 6pt 0pt 6pt 6.75pt; orphans: 0; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credit ratings</font></li>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Availability and lines of credit</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liquidity risk</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures, accounts payable to suppliers, other financial liabilities, REFIS, leases, derivatives, payables to related parties and dividends.</font></p>












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<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash flow forecasting</font></p>












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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 113.4pt; border-image: initial; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="font-size: 8pt; line-height: 115%; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Availability and lines of credit</font></p>












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<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="margin: 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's Management identifies, evaluates, and hedges financial risks in close collaboration with operating units. The Board of Directors provides written principles for managing global risk in addition to policies covering specific areas such as currency risk, interest rate risk, credit risk, use of derivative and non-derivative financial instruments, and excess investment of liquidity.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When all applicable criteria are satisfied, hedge accounting is used to eliminate the accounting mismatch between the hedging instrument and the hedged item. This will result in the effective recognition of interest expense at a fixed interest rate for hedged floating rate loans and inventory at the fixed foreign exchange rate for purchases hedged against foreign exchange risk. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company may opt for formal designation of new debt transactions for which it has swap-type derivative hedging instruments for foreign&nbsp;exchange rate variation and interest, as measured at fair value. The Fair Value Option is intended to eliminate inconsistencies caused by disparities between the measurement credits of certain liabilities and their hedging instruments. Consequently, both swaps and respective debts are now valued at fair value. This option is irrevocable and must be exercised upon the operation's initial accounting entry.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The policy of the Company is to maintain a sufficient capital base to foster the confidence of investors, creditors, and the market, and to ensure the business's future growth. Each of its businesses' rate of return on capital is monitored by Management. An analysis of the risk exposure that Management intends to cover determines the use of financial instruments to protect against these areas of volatility.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>74</font></font></td>









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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









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<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i></i><br></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #4478ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #4478ab; font-weight: bold; line-height: inherit;">Market risk</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The objective of market risk management is to manage and control exposures to market risk within acceptable parameters, optimizing returns.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company uses derivatives to manage market risks. All these transactions are carried out within the guidelines defined by the Risk Management Committee. </font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman; margin-left: 30.45pt;">
<li style="color: #4478ab; font-family: times new roman; font-size: 10pt; font-weight: bold; margin: 0px; padding-left: 30.45pt; text-align: justify; text-indent: 0px;"><font style="color: #4478ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign exchange risk</font></li>












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<p style="margin: 6pt 0pt 6pt 60pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company had the following net exposure to foreign exchange variation on assets and liabilities denominated in US Dollars, Euros, Yen and Pound Sterling:</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,861,070</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">284,956</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade and Other receivables</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,807</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,678</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(691,312)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(441,768)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24,263,167)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24,861,084)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,121,304)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,627,104)</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consideration payable</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(246,256)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(203,094)</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments (notional)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,576,441</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,182,102</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign exchange exposure, net</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,848,721)</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(12,658,314)</font></p>












</td>










</tr>























</table>
<p style="margin: 6pt 0pt 6pt 60pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The probable scenario considers the estimated foreign exchange rates, carried out by a specialized third party, at the maturity of transactions for companies with real functional currency (positive and negative, before tax effects), as follows:</font></p>







</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 139px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Instrument</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Risk factor</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 34%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Low FX rate</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">698,880</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,177,371</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,651,797</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">228,521</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(245,903)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">High FX rate</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,467</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,731)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,929)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,664</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,862</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Low FX rate</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,243,995</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,859,780</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,412,121</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,244,902)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,797,244)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures </font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">High FX rate</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,397,999)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,074,195)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,522,767)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">827,081</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,277,031</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">High FX rate</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,977,043)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,496,896)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,016,748)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,457,192)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(937,340)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consideration payable</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">High FX rate</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,864</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,244</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,625</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,517)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,898)</font></p>












</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Impacts on profit or loss before tax</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,164</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,538,427)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,490,901)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,629,345)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,675,492)</font></p>












</td>






</tr>



















</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><br></p>










</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 84px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"> <br></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="11" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Exchange rate sensitivity analysis</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 26px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 34%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">U.S.$</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.1923</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.0700</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.5875</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.1050</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.5525</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.0350</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Euro</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.4363</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.2521</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.8151</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.3782</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.6891</font></p>












</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.1261</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">GBP</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.5268</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.7620</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.7025</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.6430</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.8215</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.8810</font></p>












</td>










</tr>























</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt 0pt 6pt 85pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the Company had no net exposure to exchange rate variation on liabilities denominated in yen.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>75</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><br></font></font></i></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 28.38pt; text-align: justify; text-indent: 0pt; margin: 6pt 0pt !important; line-height: inherit;">ii.  <font style="color: #0078ab; font-weight: bold; line-height: inherit;">Interest</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> rate </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">risk</font></font></div>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 85.05pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries monitor fluctuations in variable interest rates associated with its loans and use derivative instruments to mitigate the risk associated with such fluctuations.</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 85.05pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Below is a sensitivity analysis of interest rates on loans and financing and financial assets linked to the CDI rate with 25% and 50% pre-tax increases and decreases:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 11.16%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 1.08%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest rate exposure</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.16%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom; width: 1.08%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.04%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.04%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.16%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.08%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.18%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,883,120</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,428,009</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,972,899</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,338,230</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.18%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,793,340</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable securities</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,505,149</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,612,733</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,720,320</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,397,562</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.18%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,289,977</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted cash</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70,762</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,708</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,653</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,816</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; width: 11.18%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">58,870</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Lease and concession in installments</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(173,652)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(214,221)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,790)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,084)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(92,515)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases liabilities</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,030,002)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,183,797)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,335,820)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(877,983)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(724,191)</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,211,573)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,519,072)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,238,465)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(742,121)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">350,501</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">debentures&nbsp; </font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(19,620,497)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,374,512)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,586,330)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(18,950,875)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,739,057)</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial liabilities</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(736,049)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(769,441)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(802,834)</font></p>












</td>
<td style="vertical-align: top; width: 1.1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(702,657)</font></p>












</td>
<td style="vertical-align: top; width: 1.08%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(669,264)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 36.98%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Impacts on the income (loss) before taxes</font></p>












</td>
<td style="vertical-align: bottom; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(14</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">312</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">742)</font></font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(16</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">943</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">593)</font></font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 12.04%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(18</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">442</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">367)</font></font></p>












</td>
<td style="vertical-align: top; width: 1.1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.16%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(13</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">606</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">112)</font></font></p>












</td>
<td style="vertical-align: top; width: 1.08%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; width: 11.18%; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(11</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">732</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">339)</font></font></p>












</td>










</tr>























</table>
<p style="margin: 6pt 0pt 6pt 85.05pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Part of the amount shown under derivative financial instruments corresponds to the TRS:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom; width: 33.48%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 11.52%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 33.48%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Interest rate exposure</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #e0e0e0 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #e0e0e0 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.46%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #e0e0e0 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.46%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #e0e0e0 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #e0e0e0 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 33.48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(153)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.46%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(192)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 12.46%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(230)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(115)</font></p>












</td>
<td style="vertical-align: bottom; width: 1.4%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 11.52%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(77)</font></p>












</td>










</tr>























</table>
<p style="margin: 6pt 0pt 6pt 85.05pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The probable scenario considers the estimated interest rate, made by a specialized third party and the Central Bank of Brazil (<font style="font-style: italic; line-height: inherit;">Banco Central do Brasil</font> or &#8220;BACEN&#8221;) as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios </font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 45%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SELIC</font></p>












</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.40%</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17.99%</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21.59%</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.80%</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.20%</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">CDI</font></p>












</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14.30%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17.87%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21.44%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.72%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.15%</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TJLP462 (TJLP + 1% p.a.)</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9.20%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11.25%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13.30%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.15%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.10%</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TJLP</font></p>












</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.20%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.25%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.30%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.15%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.10%</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPCA</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.74%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.93%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7.11%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.56%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.37%</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IGPM</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.11%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.14%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.16%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.08%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.05%</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fed Funds</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.00%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.00%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.00%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.00%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.00%</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">SOFR</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.94%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.92%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.91%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2.95%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.97%</font></p>












</td>










</tr>























</table>
<div style="margin: 0px; padding-left: 0pt; text-indent: 0px;">
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>76</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><br></font></font></i></p>







</div>
<div style="margin: 0pt; padding-left: 0pt; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 26.51pt; text-indent: 0pt; margin: 6pt 0pt !important; line-height: inherit;">iii.  <font style="color: #0078ab; font-weight: bold; line-height: inherit;">Price risk</font></font></div>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 70pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Options</font></li>












</ul>
<p style="margin: 6pt 0pt 6pt 85.05pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We use derivative financial instruments called options to limit our exposure to changes in the value of Vale shares. The widely accepted methodology used to calculate the fair value of options is based on the Black &amp; Scholes pricing model. The values calculated in the sensitivity analysis of the framework mentioned reflect the impacts of the intrinsic values of the options as the shares appreciate or depreciate.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Instrument</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 34%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">VALE3 (Call Spread)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.34%</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,341</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">260,420</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">470,001</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,308</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">811</font></p>












</td>










</tr>























</table>
<ul style="margin: 0px; text-indent: 0px; padding-inline: 0px;"></ul>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 70pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Call</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">Option</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> (&#8220;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Call</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">&#8221;)</font></font></li>












</ul>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 85.05pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has a call option which gives it the right to repurchase all the preferred shares of Cosan Nove and Cosan Dez, which may be exercised as of the third year after the execution of the respective agreements in December 2022.</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 85.05pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, the Company measured the fair value of the call option and concluded that it is out of price.</font></p>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 70pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Contingent put option</font></li>












</ul>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 85.05pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the shareholders' agreements entered into between the Company and the banks Ita&#250; and Bradesco regarding the issuance of preferred shares, it was defined that both financial institutions have a contingent put option only when the specific adverse material effects provided for in the contract occur, which are under the Company's control and, therefore, do not constitute a financial obligation.</font></p>
<p style="margin: 6pt 0pt 6pt 85.05pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The prices for the exercise of the options are calculated based on the initial amounts of R$4,115,000 and R$4,000,000 adjusted by a weighted average rate of CDI + 1.25% minus the dividends received by non-controlling shareholders in this period, which, on December 31, 2024, is represented by the amounts of R$4,596,631 and R$3,943,883, respectively.</font></p>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 70pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total Return Swap (TRS)</font></li>












</ul>
<p style="margin: 6pt 0pt 6pt 85.5pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">We are exposed to risks linked to CSAN3 share prices. To mitigate such exposures, total return swap derivatives of 110,995,312 shares of CSAN3 were contracted in which the Company receives the variation of the share price and proceeds on the active side and pays CDI + 1.31% on the passive side.</font></p>
<p style="margin: 6pt 0pt 6pt 85.05pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The sensitivity analysis considers the closing share price as shown below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Scenarios</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Instrument</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Probable</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">25%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">50%</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(25%)</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(50%)</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 44%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Net exposure options</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,166)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">226</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">453</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(226)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(453)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Value of the share (CSAN3)</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8.16</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.20</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12.24</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6.12</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.08</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>










</tr>























</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>77</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Credit risk</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's regular operations expose it to the risk of default when customers, suppliers, and counterparties are unable to fulfill their financial commitments or other obligations. The Company seeks to mitigate this risk by conducting transactions with a diverse group of counterparties. However, the Company's operations remain susceptible to the unanticipated financial failures of third parties. The credit risk exposure was as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 170px;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,903,542</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,658,481</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade receivables</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,995,734</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,444,636</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable securities</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,386,301</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,503,961</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Restricted cash</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,303</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">203,252</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,799,328</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,546,799</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivables from related parties</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">399,889</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">340,091</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Receivable dividends and interest on </font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">equity</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">153,548</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,777</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial assets</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,113</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">28</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">817</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">140</font></font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5.75pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,956,110</font></p>












</td>










</tr>























</table>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company is exposed to risks related to its cash management activities and temporary investments.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The majority of liquid assets are invested in government bonds and other bank investments. The treasury department manages the credit risk of bank and financial institution balances in accordance with the Company's policy.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The credit risk associated with lease receivables is divided into two customer categories: (i)&nbsp;Level 1 and (ii) Level 2. The majority of subsidiary investment properties are leased to customers classified as Level 1, with no history of late payments or default and a solid financial standing. To mitigate the credit risk associated with lease receivables, the Company's policy restricts its exposure to Level 2 customers. </font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The risk associated with accounts receivable related to the sale of investment properties is mitigated by granting land ownership to the customer only after receiving a down payment for the transaction. In addition, the transfer of ownership is contingent upon receipt of all outstanding payments.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Only approved counterparties and within the credit limits assigned to each counterparty may invest surplus funds.&nbsp;Credit limits for counterparties are reviewed annually and may be modified throughout the period. The limits are established to minimize the concentration of risks and, consequently, to mitigate financial loss caused by potential counterparty default. The credit risk of cash and cash equivalents, marketable securities, restricted cash, and derivative financial instruments is determined by widely accepted market rating instruments and is structured as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="height: 95px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AAA</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">22,706,407</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,475,536</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">AA</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">803,935</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">172,871</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">571,942</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124,932</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">Not rated</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">181,190</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">139,154</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,263,474</font></p>












</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">20,912,493</font></p>












</td>










</tr>























</table>
<div>
<p><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;"><br></font></font></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>78</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 13pt; line-height: inherit;"><b><font style="color: #0078ac; line-height: inherit;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab; line-height: inherit;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">(In thousands of<font style="line-height: inherit;">&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Liquidity risk</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's strategy for managing liquidity is to ensure, whenever possible, that it has sufficient liquidity to meet its liabilities when they are due, under normal and stressed conditions, without incurring unacceptable losses or risking reputational harm.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's financial liabilities (based on contracted undiscounted cash flows) are categorized by maturity dates as follows:</font><font style="color: #0078ab; font-size: 10pt; font-weight: bold; text-align: right; line-height: inherit;">&nbsp;</font></p>










</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 214px;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Up to 1 year</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">From 1 to 2 years</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">From 3 to 5 years</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Over 5 years</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 35%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,040,150)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,788,533)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,755,704)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(35,985,958)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(64,570,345)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(67,935,471)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,168,593)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,502,220)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,670,813)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,184,525)</font></p>












</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other financial liabilities</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(770,103)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(770,103)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(476,895)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Installment of tax debts</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(238,151)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(531)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(216,203)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(454,885)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(217,267)</font></p>












</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Leases</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(774,671)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(861,654)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,391,789)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,920,222)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,948,336)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,874,841)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Lease and concession in installments</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(274,703)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(271,839)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(533,640)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(200,926)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,281,108)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,137,295)</font></p>












</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Payables to related parties</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(416,410)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(416,410)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(322,160)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends payable</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(96,722)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(96,722)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(549,054)</font></p>












</td>












</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Consideration payable</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,837)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,837)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(21,673)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,275)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px 2px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(185,622)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(153,595)</font></p>












</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Derivative financial instruments</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,548,753)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,377,825)</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,533,512</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,921,505</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,528,439</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,917,895)</font></p>












</td>












</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(12</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">339</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">093)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(11</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">813</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">439)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(22</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">169</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">294)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(46</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">544</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">079)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(92</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">865</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">905)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(100</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">768</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">998)</font></font></p>












</td>












</tr>

























</table>










<font style="color: #7dba00; font-size: 10pt; text-align: right; line-height: inherit;">&nbsp;</font></div>
<div style="line-height: 1.2;">
<p style="margin: 0pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Capital management risk</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The group manages the capital structure and adjusts it considering changes in economic conditions and requirements of financial covenants. To maintain or adjust the capital structure, the Group may adjust the payment of dividends to shareholders, return capital to them or issue new shares. The Company monitors capital mainly through the leverage index, calculated as net debt on EBITDA. </font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's policy is to maintain a solid capital base to foster the confidence of its parent companies, creditors, and the market, and to ensure the business's future growth.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To achieve this general objective, the Group&#8217;s capital management, among other things, aims to ensure compliance with the financial commitments associated with loans and financing that define capital structure requirements.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>79</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>












</div>











</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>









</div>
<div style="line-height: 1.2;">
<div style="margin: 10pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA1_2712025184557739" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">6. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">OTHER TAX RECEIVABLE</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting Policy:</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax assets are measured at cost and primarily consist of (i)&nbsp;tax effects that are recognized when the asset is sold to a third party or recovered through amortization over the remaining economic life of the asset; and (ii) tax receivables that are expected to be recovered as refunds from tax authorities or as a reduction for future tax liabilities.</font></p>












</td>












</tr>

























</table>
<p style="margin: 6pt 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 187px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; text-align: center; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>
<td style="vertical-align: bottom; text-align: center; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; text-align: center; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; text-align: center; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>










</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 49%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">COFINS </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,699</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,699</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">551,156</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">487,160</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">PIS</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,956</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110,904</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax credits</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,177</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,639</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,177</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,639</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,105,839</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">924,180</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS CIAP</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">289,615</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,813</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,664</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,647</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">123,946</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,863</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">40,541</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">41,985</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,220,689</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,878,559</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,364</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,346</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">886,136</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">745,856</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35,177</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,639</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,334,553</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,132,703</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">40,541</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">41,985</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,220,689</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,878,559</font></p>












</td>










</tr>























</table>
<div style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA2_271202518465299" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">7.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> INVENTORIES</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 449.85pt;">
<p style="margin: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inventories are stated at the lower of cost and net realizable value (it is the estimated selling price in the normal course of business, minus the estimated completion costs and estimated costs necessary to make the sale). The cost of finished and work-in-progress goods comprises direct materials, direct labor and an appropriate proportion of variable and fixed overheads, the latter of which are allocated based on normal operating capacity. Costs are assigned to individual inventory items based on weighted average costs.</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The provision for obsolete inventories is made for risks associated with the realization and sale of obsolete inventories, and is measured at net realizable value or cost, whichever is lower.</font></p>












</td>












</tr>

























</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 106px;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; width: 73.9984%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 25.0204%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; width: 73.9984%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: Arial; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 12.0196%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: middle; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 12.0196%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 73.9984%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Finished products</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">664</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">235</font></font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,254,818</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 73.9984%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Parts and accessories</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">207</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">794</font></font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">178,260</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 73.9984%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Construction Materials</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">193</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">450</font></font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">316,370</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 73.9984%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Warehouse and other</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">7</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">426</font></font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,266</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 73.9984%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">2</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">072</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">905</font></font></p>












</td>
<td style="vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12.0196%; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,792,714</font></p>












</td>










</tr>























</table>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The balances are presented net of a provision of R$38,449 for obsolete inventories on December 31, 2024 (R$78,709 on December 31, 2023).</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>80</font></font></td>



</tr>







</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>



</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<div style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BA3_2712025184612236" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">8.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ASSETS AND LIABILITIES HELD FOR SALE</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> DISCONTINUED OPERATION</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #ededed; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company classifies non-current assets (mainly agricultural investment properties, from the Cosan Investimentos segment) and disposal groups as held for sale if their carrying values &#8203;&#8203;are recovered mainly through a sale transaction and not through continuous use. Non-current assets and disposal groups classified as held for sale (except investment properties measured at fair value) are measured at the lower of carrying value and fair value less costs to sell. Selling costs are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance expenses and income tax expenses.</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The criteria for classifying held for sale are considered met only when the sale is highly probable and the asset or group for disposal is available for immediate sale in its current condition. The actions required to complete the sale must indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the asset sale plan and the sale is expected to be completed within one year of the classification date.</font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets and liabilities classified as held for sale are presented separately in the financial position.</font></p>












</td>












</tr>

























</table>
<p style="margin: 6pt; text-indent: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Breakdown and Changes of assets held for sale</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">:</font></font></p>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 11pt; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Changes in assets held for sale</font></li>










</ul>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 151px;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 16px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>












</td>






</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Receivables from related parties</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investments in subsidiaries and associates</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: bottom; border-bottom-color: #000000 !important; height: 10px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 62%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 12%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 12%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 12%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,998</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,998</font></p>












</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,998</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,998</font></p>












</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,138</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,138</font></p>












</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,172)</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,172)</font></p>












</td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers <font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">795,247</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">795,247</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">964</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">795,247</font></p>












</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">796,211</font></p>












</td>






</tr>



















</table>










<br>
<table cellspacing="0" cellpadding="0" style="height: 168px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" colspan="5" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>










</td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Properties </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">held for sale </font></p>












</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other assets held for sale</font></p>












</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 62%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">40,383</font></p>












</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">40,383</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,795,773</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,795,773</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">444,782</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">444,782</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sale of agricultural properties held for sale</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,773)</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(142,773)</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;border-top-width: 1pt ;border-top-style: solid ;border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">342,392</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;border-top-width: 1pt ;border-top-style: solid ;border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,795,773</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;border-top-width: 1pt ;border-top-style: solid ;border-top-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,138,165</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(ii)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">280</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,792</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61,072</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iii)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,080</font></p>












</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">745</font></p>












</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,825</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sale of agricultural properties held for sale</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(746,774)</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(746,774)</font></p>












</td>










</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Sale of investment <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(iv)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(911,500)</font></p>












</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(911,500)</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">32,978</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">945,810</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">978,788</font></p>












</td>










</tr>























</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>81</font></font></td>




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p align="right" style="margin: 10pt 0pt 0pt; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 13pt;"><b><font style="color: #0078ac;">Notes to the consolidated financial statement</font></b></font><b><font style="font-size: 14pt; color: #0078ab;"></font></b></font></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></font></i></p>
<p align="right" style="margin: 0px; color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; text-align: right; border: none; font-family: 'Times New Roman', serif;"><i><font style="font-size: 10pt; font-family: 'Mozaic HUM Medium', serif; color: #7dba00;"><font style="font-family: 'times new roman', times;"><br></font></font></i></p>
<table style="width: 100%; height: 53px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr style="height: 10px;">
<td style="width: 5%; height: 10px; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font><font style="color: #000000; font-style: normal; font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit; font-family: 'times new roman', times; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="width: 95%; height: 10px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On September 26, 2024, the Company approved and concluded the dissolution of the subsidiary Atl&#226;ntico Participa&#231;&#245;es. All the assets, rights and obligations of this subsidiary were succeeded by the Company, as per note 9.1.</font></td>










</tr>
<tr style="height: 17px;">
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td style="height: 17px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">As mentioned in note 2.1, the balance of R$60,792 corresponding to the investment in the associate Terminal XXXIX de Santos S.A. was added to the group of assets held for sale.</font></td>










</tr>
<tr style="height: 10px;">
<td style="height: 10px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(iii)</font></td>
<td style="height: 10px; text-align: justify; vertical-align: top;" valign="top">
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers in the amount of R$437,080 from the investment properties group, as per note 11.5.</font></p>










</td>










</tr>
<tr style="height: 16px;">
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(iv)</font></td>
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">Full sale of the 51% stake in<font style="line-height: inherit;">&nbsp;</font></font>Norg&#225;s<font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>S.A., in the subsidiary Compass, as per note 2.1.</font></font></td>










</tr>





















</table>
<ul>
<li style="color: #0078ab; font-family: Symbol; font-size: 11pt; margin: 0pt 0pt 0pt 28.06pt; padding-left: 7.94pt; text-indent: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Breakdown of assets held for sale</font></li>












</ul>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 155px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">TUP Porto S&#227;o Luis S.A</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,231</font></p>












</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,231</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other current tax receivable</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,030</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,030</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investments in associates</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,792</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,792</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Property, plant and equipment</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">395,757</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">395,757</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible assets and goodwill </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,965</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">437,965</font></p>












</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other assets </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">35</font></p>












</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Properties held for sale </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,978</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,978</font></p>












</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">885,018</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">32,978</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">60,792</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">978,788</font></p>












</td>










</tr>























</table>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; text-indent: 0pt; color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-size: 10pt; text-indent: 0pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; text-indent: 0pt; color: #0078ab; font-weight: bold; line-height: inherit;">Breakdown of </font><font style="font-size: 10pt; text-indent: 0pt; color: #0078ab; font-weight: bold; line-height: inherit;">Liabilities held for sale:</font></p>
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: Arial; font-size: 11pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">TUP Porto S&#227;o Luis S.A</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font></font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,248</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 88%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Employee benefits payables </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,828</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other liabilities </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">456</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax liabilities</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,606</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">86,138</font></p>












</td>










</tr>























</table>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Discontinued operation result:</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Arial; font-size: 12pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent company</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: Arial; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 49%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity income</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">185,087</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,654</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">273,875</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">45,419</font></p>












</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Controlling shareholders</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,087</font></p>












</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,654</font></p>












</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling shareholders</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,788</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,765</font></p>












</td>










</tr>























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The consolidated discontinued operation result on December 31, 2024 is composed of dividends received from the associate Norg&#225;s in the amount of R$31,925 and the gain on disposal in the amount of R$241,940 corresponding to the difference between the sale value of R$629,155 and its cost value of R$387,215.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>82</font></font></td>










</tr>





















</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>












</div>











</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<div style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 8pt; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_20_271202519561953" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">9. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">INVESTMENTS IN SUBSIDIARIES AND ASSOCIATES</font></font></a></div>













</div>
<div style="line-height: 1.2;">
<div style="margin: 6pt 0pt 6pt 14.2pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_21_271202520027446" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9.1. INVESTMENTS IN SUBSIDIARIES </font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 450.2pt;">
<p style="margin: 5pt 0pt 12pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company controls an entity when it is exposed to, or has a right over, variable returns arising from its involvement with the entity and has the ability to affect those returns through the exercise of its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which the Company obtains control until the date on which control is discontinued.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company assesses whether it retains control over an investee if facts and circumstances indicate that there have been changes in one or more of the three elements of control mentioned above.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When the Company does not hold a majority of the voting rights in an investee, it retains control over the investee when the voting rights are sufficient to enable it, in practice, to unilaterally direct the relevant activities of the investee. In assessing whether the Company's voting rights in an investee are sufficient to give it control, the Company considers all relevant facts and circumstances, including:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 0pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The size of the Company's holding of voting rights in relation to the size and dispersion of the holdings of other holders of voting rights;</font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 0pt 0pt 0pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Potential voting rights held by the Company, by other holders of voting rights or by other parties;</font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 0pt 0pt 0pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rights arising from other contractual agreements; and</font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 0pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Any additional facts and circumstances that indicate that the Company has, or does not have, the ability to direct the relevant activities when decisions need to be made, including voting at meetings.</font></li>














</ul>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When necessary, the financial statements of subsidiaries are adjusted to bring their accounting policies into line with the Company's accounting policies.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">All intra-group transactions, balances, income, expenses and cash flows are eliminated in the consolidated financial statements.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in holdings in subsidiaries that do not result in loss of control are accounted for as equity transactions. The book value of the Company's and non-controlling interests is adjusted to reflect changes in their respective interests in subsidiaries. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the Company's owners.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When the Company loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between: (i) the sum of the fair value of the consideration received and the fair value of any interest retained in the former subsidiary and (ii) the previous book value of the assets (including goodwill) and liabilities of the subsidiary and the non-controlling interest. Any amounts previously recognized in &#8220;Other comprehensive income&#8221; related to the subsidiary are treated as if the Company had directly disposed of the related assets and liabilities of the subsidiary (i.e. they are reclassified to profit or loss or transferred to another equity account). The fair value of any investment held in the former subsidiary on the date control is lost is considered as the fair value on initial recognition for subsequent accounting purposes, when applicable, or as the cost on initial recognition of an investment in an associate or joint venture.</font></p>
<p style="margin: 6pt 0pt 6pt 35.7pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In the Parent Company's individual financial statements, the financial information of subsidiaries is accounted for using the equity method.</font></p>
<p style="margin: 6pt 0pt 6pt 35.4pt; orphans: 0; text-align: justify; text-indent: 35.4pt; widows: 0;"><br></p>














</td>














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</table>
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>83</font></font></td>













</tr>



























</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company's subsidiaries are listed below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 544px; width: 100%;" width="100%">

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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Directly owned subsidiaries excluding treasury shares</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 79%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Corretora de Seguros Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Nove Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73.09%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73.09%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Cosan Luxembourg S.A. </font><font style="font-size: 8pt; vertical-align: super; line-height: inherit;">(i)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Overseas Limited</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Pasadena Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Limited Partners Brasil Consultoria Ltda.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98.13%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">97.50%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Barrapar</font> <font style="font-size: 10pt; line-height: inherit;">Participa&#231;oes</font><font style="font-size: 10pt; line-height: inherit;"> Ltda.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Aldwych Temple</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Cosan </font><font style="font-size: 10pt; line-height: inherit;">Oito</font><font style="font-size: 10pt; line-height: inherit;"> S.A. </font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Global Limited</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76.80%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76.80%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Radar Propriedades Agr&#237;colas S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Radar II Propriedades Agr&#237;colas S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Nova Agr&#237;cola Ponte Alta S.A.</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;"> (</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">ii</font><font style="font-size: 6.67pt; vertical-align: super; line-height: inherit;">)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Nova Amaralina S.A</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Propriedades Agr&#237;colas</font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Nova Santa B&#225;rbara Agr&#237;cola S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Terras da Ponta Alta S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Castanheira Propriedades Agr&#237;colas S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Manac&#225; Propriedades Agr&#237;colas S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Paineira Propriedades Agr&#237;colas S.A.</font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">ii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Tellus</font><font style="font-size: 10pt; line-height: inherit;"> Brasil Participa&#231;&#245;es S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">iii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Janus Brasil Participa&#231;&#245;es S.A.</font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">iii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Duguetiapar</font><font style="font-size: 10pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">iii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Gamiovapar</font><font style="font-size: 10pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A. </font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">iii</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Moove</font><font style="font-size: 10pt; line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70.00%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Rumo S.A. </font><font style="font-size: 8pt; vertical-align: super; line-height: inherit;">(iv)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.40%</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.42%</font></p>














</td>











</tr>


























</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; height: 119px;">

<tr style="height: 34px;">
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 3%;"><br></td>
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 34px; width: 4%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="vertical-align: top; text-align: justify; height: 34px; width: 93%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">Despite presenting an unsecured liability amount of R$39,310 on December 31, 2024, as shown below, no other events or conditions were identified that, individually or collectively, may raise relevant doubts as to the ability to<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">maintain</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>its operational continuity. Subsidiaries have financial support from the Company.</font></td>



</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td style="vertical-align: top; text-align: justify; height: 17px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">The Company is the majority shareholder, holding 50% of the capital stock plus one share.</font></td>



</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 34px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(iii)</font></td>
<td style="vertical-align: top; text-align: justify; height: 34px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">The Company holds more than 60% of the voting shares of each entity, has decision-making power over the relevant activities of each entity and has the right to appoint a majority of the members of the board of directors of each entity pursuant to a shareholders' agreement entered with certain other shareholders of these entities.</font></td>



</tr>
<tr style="height: 34px;">
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: top; text-align: justify; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 34px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important; line-height: inherit;">(iv)</font></td>
<td style="vertical-align: top; text-align: justify; height: 34px;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; line-height: inherit; display: inline !important;">The Company is the largest shareholder. In addition, the Company has decision-making power over the relevant activities of this entity and has the right to appoint a majority of the members of the board of directors in accordance with the shareholders' agreement entered with certain other shareholders of the entity.</font></td>



</tr>















</table>
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>84</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following are investments in subsidiaries and related companies as of December 31, 2024, which are relevant to the Company:</font></p>
<p style="margin: 10pt 0pt 10pt 42.55pt; text-indent: -28.35pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Parent company</font></font><font style="font-family: Calibri; font-size: 11pt; text-align: right; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font></p>











</div>
<div style="margin: 0px; text-indent: 0px; line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 493px;" width="100%">

<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares issued by the subsidiary</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares held by Cosan</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan ownership interest</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Economic benefit (%)</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 57%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Corretora de Seguros Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,000</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,999</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 10%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Nove Participa&#231;&#245;es S.A. <font style="vertical-align: super; line-height: inherit;">(i)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,663,761,736</font></p>














</td>
<td style="vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,601,178,096</font></p>














</td>
<td style="vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73.09%</font></p>














</td>
<td style="vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66.16%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Luxembourg S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,010</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,010</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Overseas Limited</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,850,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,850,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Pasadena Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,481,296</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,481,046</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Limited Partners Brasil Consultoria Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98.13%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98.13%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Oito S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,646,505,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,646,504,999</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Global Limited</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">300</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">300</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100.00%</font></p>














</td>











</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Cosan Dez Participa&#231;&#245;es S.A. <font style="vertical-align: super; font-size: 8pt; line-height: inherit;">(i)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,473,458,688</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,667,494,859</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76.80%</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">72.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">737,500</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">305,694</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,440,221</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,720,111</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,693,378</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,607,405</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Nova Amaralina S.A. Propriedades Agr&#237;colas</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,603,159</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,685,010</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,336,994</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,403,684</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,066,329</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,659,494</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">83,850,938</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,756,214</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,977,921</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53,461,349</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Paineira Propriedade Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,667,061</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,990,497</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.45%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Tellus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,063,044</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71,609,945</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61.14%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.57%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">286,370,051</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">173,464,883</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60.57%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.57%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Duguetiapar Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,573,842</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,163,979</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60.55%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.57%</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Gamiovapar Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,912,970</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,819,194</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60.55%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.57%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Moove Lubricants Holdings</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,963,764</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,474,635</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70.00%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70.00%</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; Rumo S.A. </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,854,868,949</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">562,529,490</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.40%</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.40%</font></p>














</td>











</tr>


























</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<table style="width: 100%; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; text-align: justify; padding: 0px 0px 0px 10px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">i</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</font></font></td>
<td style="width: 95%; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The&nbsp;</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">interest</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;related to economic benefit differs from the&nbsp;</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ownership interest</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;exclusively on account of dividend distribution.</font></font></td>











</tr>























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>85</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>














</div>
<p style="margin: 6pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 0pt; text-indent: 0pt; line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="height: 621px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 42px;">
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2024</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Profit attributable to non-controlling interests</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Discontinued operation</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Change of equity interest in subsidiary</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Other comprehensive income</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital increase (reduction)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 42px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Gain (loss) on capital increase in subsidiary</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Other</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>














</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 42px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0079aa; font-size: 7pt; font-weight: bold; line-height: inherit;">Dividend receivable </font><font style="color: #0079aa; font-size: 4.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="color: #0079aa; font-size: 4.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">i</font><font style="color: #0079aa; font-size: 4.67pt; font-weight: bold; vertical-align: super; line-height: inherit;">)</font></font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; width: 18%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,766,466</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(291,668)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,482)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,096</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; width: 0.5%; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,232</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,477,644</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Corretora de Seguros Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,257</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,076</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,333</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Nove Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,810,778</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(713,895)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">70,053</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(127,080)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">92,879</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">20,574</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,153,309</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,179,164</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,094,942</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">185,087</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(113,713)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,667,187)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,397,714)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">85</font><font style="font-size: 7pt; line-height: inherit;">,</font><font style="font-size: 7pt; line-height: inherit;">669</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,366,248</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,717</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Pasadena Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,452</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,703)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(251)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan Limited Partners </font><font style="font-size: 7pt; line-height: inherit;">Brasil</font><font style="font-size: 7pt; line-height: inherit;"> Consultoria </font><font style="font-size: 7pt; line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">278</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(60)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">218</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan </font><font style="font-size: 7pt; line-height: inherit;">Oito</font><font style="font-size: 7pt; line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,376,283</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,630,024)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">128,299</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(546,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,340,000</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(67,299)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,601,259</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Atl&#226;ntico Participa&#231;&#245;es S.A. (ii)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">902,421</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(84)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(902,337)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Global</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">119,355</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,409</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">129,764</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">25,112</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,705</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,596</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">31,413</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,153,530</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">113,818</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(25,518)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(584)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,241,246</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">215,346</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">67,872</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(16,968)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">266,250</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">441,821</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">21,574</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,988)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">455,407</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,948</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,239</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(245)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">35,942</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,958</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Amaralina S.A. Propriedades Agr&#237;colas</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">220,184</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12,140</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,035)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">229,289</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">134</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">92,122</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,238)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,237</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">98,121</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">210,735</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">24,339</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,235)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">231,839</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">209,644</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">23,397</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(6,503)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">226,538</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">331,453</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,050)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,183)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">325,220</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Tellus</font><font style="font-size: 7pt; line-height: inherit;"> Brasil Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">774,837</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">88,508</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(77,864)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,385)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">767,096</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,122,692</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">126,164</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(50,493)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,198,363</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Duguetiapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17,721</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,946</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,715)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,217)</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">735</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Gamiovapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">114,336</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">31,710</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,349)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">143,697</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Moove</font><font style="font-size: 7pt; line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,626,216</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">275,821</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">60,733</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(630,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,214)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,325,556</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">368</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">627</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">38</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(205)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">460</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total investments in subsidiaries</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">35,741,778</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(2,740,024)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">185,087</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(3,482)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">149,859</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(3,171,126)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,011,979</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">85,669</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(951,044)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">31,308,696</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">14,185</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Luxembourg S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(146,276)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(220,644)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">103,198</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(263,722)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total provision for uncovered liability of subsidiary</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(146,276)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(220,644)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">103,198</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(263,722)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">35,595,502</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(2,960,668)</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">185,087</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(3,482)</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">149,859</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(3,171,126)</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,115,177</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">85,669</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(951,044)</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">31,044,974</font></p>














</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">14,185</font></p>














</td>











</tr>


























</table>
<table style="font-size: 10pt; width: 100%; margin: 0px; font-family: 'times new roman'; text-indent: 0px;">

<tr>
<td style="vertical-align: top; padding: 5px 0px 0px; width: 3%;"><br></td>
<td style="vertical-align: top; padding: 5px 0px 0px; margin: 0px; width: 4%;" valign="top"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">(i)</font></td>
<td style="vertical-align: top; width: 93%; padding: 5px 0px 0px;" valign="top"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">Dividends receivable by Cosan S.A. from its subsidiaries.</font></td>



</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 0px 10px;"><br></td>
<td style="vertical-align: top; padding: 0px; margin: 0px;" valign="top"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">(ii)</font></td>
<td style="vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">Dissolution of the subsidiary<font style="line-height: inherit;">&nbsp;</font></font>Atl<font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">&#226;</font>ntico<font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font></font>Participa&#231;&#245;es<font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>S.A, more details in the Note 8.</font></td>



</tr>
<tr>
<td style="vertical-align: top; padding: 0px 0px 5px;"><br></td>
<td style="vertical-align: top; padding: 0px 0px 5px; margin: 0px;" valign="top"><font style="font-family: 'times new roman', times; text-align: justify; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">(iii)</font></td>
<td style="vertical-align: top; text-align: justify; padding: 0px 0px 5px;" valign="top"><font style="font-family: 'times new roman', times; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;">The net balance of capital increase/reduction in the amount of R$2,115,177 is also composed of the capital reduction of the subsidiary<font style="line-height: inherit;">&nbsp;</font></font>Cosan<font style="font-family: 'times new roman', times; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font></font>Dez<font style="font-family: 'times new roman', times; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>in the amount of R$1,013,714 and the capital increase in the subsidiary<font style="line-height: inherit;">&nbsp;</font></font>Cosan<font style="font-family: 'times new roman', times; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font></font>Nove<font style="font-family: 'times new roman', times; text-indent: -56.7333px; float: none; line-height: inherit; display: inline !important;"><font style="line-height: inherit;">&nbsp;</font>in the amount of R$92,879, both with no cash effect.</font></td>



</tr>







</table>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>86</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Arial; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 631px;" width="100%">

<tr style="height: 43px;">
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Interest in earnings of subsidiaries</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Discontinued operation</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Change of equity interest in subsidiary</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Asset and liability valuation adjustment</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital (reduction) increase</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Gain (loss) with capital increase in subsidiary</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Other</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>














</td>
<td style="vertical-align: bottom; height: 43px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 43px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Dividend receivable</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; width: 18%; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo&nbsp; </font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,613,248</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">218,623</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,323</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(391)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(51,986)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,984</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(23,335)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,766,466</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">51,986</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Corretora de Seguros Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">244</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,013</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,257</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Nove Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,153,764</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">661,434</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(39,996)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(88,496)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">121,621</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(32,732)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">35,183</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,810,778</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,311,213</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">825,074</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,654</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,502</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">33,456</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,740)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,179,164</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,717</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Pasadena Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,486</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(34)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,452</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan Limited Partners </font><font style="font-size: 7pt; line-height: inherit;">Brasil</font><font style="font-size: 7pt; line-height: inherit;"> Consultoria </font><font style="font-size: 7pt; line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">346</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(68)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">278</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">73,565</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(45,030)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,055)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,368)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">25,112</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan </font><font style="font-size: 7pt; line-height: inherit;">Oito</font><font style="font-size: 7pt; line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,258,622</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(346,359)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,230</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(246,384)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,716,500</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(17,326)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,376,283</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Atl&#226;ntico Participa&#231;&#245;es </font><font style="font-size: 7pt; line-height: inherit;">S.A</font><font style="font-size: 7pt; line-height: inherit;">.</font> <font style="font-size: 4.67pt; vertical-align: super; line-height: inherit;">(</font><font style="font-size: 4.67pt; vertical-align: super; line-height: inherit;">ii</font><font style="font-size: 4.67pt; vertical-align: super; line-height: inherit;">)</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">911,342</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(8,921)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">902,421</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">190</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Global</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">128,868</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(9,513)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">119,355</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Sinlog</font><font style="font-size: 7pt; line-height: inherit;"> Tecnologia em Log&#237;stica S.</font><font style="font-size: 7pt; line-height: inherit;">A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">20,155</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,661)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12,622</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(30,116)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">943,255</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">174,346</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">37,831</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,902)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,153,530</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,199</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">222,967</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,331</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,677)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,275)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">215,346</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">390,615</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">35,196</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,010</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">441,821</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,960</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">31,504</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,141)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(415)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,948</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,712</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Amaralina S.A. Propriedades Agr&#237;colas</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">192,332</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12,971</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,881</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">220,184</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">81,292</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,440</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,610)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">92,122</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,072</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">169,216</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">40,115</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,404</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">210,735</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,433</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">170,613</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">40,163</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">19</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,151)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">209,644</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,694</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">251,370</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">52,944</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,139</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">331,453</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,863</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Tellus</font><font style="font-size: 7pt; line-height: inherit;"> Brasil Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">634,068</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">138,418</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(9,970)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,526)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,847</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">774,837</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">884,053</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">227,451</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,407)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">29,595</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,122,692</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Duguetiapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">18,740</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,441</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,458)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17,721</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Gamiovapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">122,561</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,731</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(11,654)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,231)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(71)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">114,336</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Moove</font><font style="font-size: 7pt; line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,644,170</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">193,618</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(183,732)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(35,808)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,968</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,626,216</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">368</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">762</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">290</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(57)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(368)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">627</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; font-weight: bold; line-height: inherit;">Total investments in </font><font style="font-size: 7pt; font-weight: bold; line-height: inherit;">subsidiary</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">31,230,371</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,235,872</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">15,654</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,323</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(212,499)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(348,493)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,826,025</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(20,110)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">8,635</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">35,741,778</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">99,194</font></p>














</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Luxembourg S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(146,473)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">197</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(146,276)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total provision for uncovered liability</font><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; text-indent: 0pt; line-height: inherit;">&nbsp;of associates</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(146,473)</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">197</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(146,276)</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Total </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">31,083,898</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,236,069</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">15,654</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">6,323</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(212,499)</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(348,493)</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,826,025</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(20,110)</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">8,635</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">35,595,502</font></p>














</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">99,194</font></p>














</td>











</tr>


























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-family: Arial; font-size: 11pt; line-height: inherit;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>87</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>











</div>
<div style="margin: 0pt; text-indent: 0pt; line-height: 1.2;">
<p style="margin: 8pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>











</div>
<div style="line-height: 1.2;"><br></div>
<div style="line-height: 1.2;">
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Financial information of subsidiaries</font><font style="line-height: inherit;">:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Assets</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders' equity and unsecured liabilities</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Profit for the year</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Assets</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Shareholders' equity and unsecured liabilities</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Profit for the year</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 40.5%; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo S.A.</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">50,593,026</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(35,657,871)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,935,155</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(949,241)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">49,238,439</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(33,367,447)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,870,992</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">721,915</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Corretora de Seguros Ltda</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,340</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(6)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,334</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,077</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,475</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(218)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,257</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,013</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Nove Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,357,768</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(40,018)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,317,750</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,079,044)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,378,188</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(393)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,377,795</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">999,748</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">34,288,919</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(27,301,766)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,987,153</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,899,890</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">29,394,361</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(19,707,828)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,686,533</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,804,326</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Pasadena Empreendimentos e Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">493</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(744)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(251)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,703)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,013</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(561)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,452</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(33)</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan Limited Partners </font><font style="font-size: 7pt; line-height: inherit;">Brasil</font><font style="font-size: 7pt; line-height: inherit;"> Consultoria </font><font style="font-size: 7pt; line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">270</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(46)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">224</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(63)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">287</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">287</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(69)</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Luxembourg S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">13,936,969</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,200,691)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(263,722)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(220,644)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,141,418</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(8,287,693)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(146,275)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">198</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Cosan </font><font style="font-size: 7pt; line-height: inherit;">Oito</font><font style="font-size: 7pt; line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,601,314</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(49)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,601,265</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,630,024)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17,148,403</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(6,772,114)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,376,289</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(346,359)</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Atl&#226;ntico</font> <font style="font-size: 7pt; line-height: inherit;">Participa&#231;&#245;es</font> <font style="font-size: 7pt; line-height: inherit;">S.A.</font> </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">992,412</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(89,991)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">902,421</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(8,921)</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Cosan Global</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">129,764</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">129,764</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,409</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">119,355</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">119,355</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(9,513)</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,538,744</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(77,782)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,460,962</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">216,787</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,378,123</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(91,077)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,287,046</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">332,222</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">672</font><font style="font-size: 7pt; line-height: inherit;">,</font><font style="font-size: 7pt; line-height: inherit;">546</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">(30</font><font style="font-size: 7pt; line-height: inherit;">,</font><font style="font-size: 7pt; line-height: inherit;">208)</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">642</font><font style="font-size: 7pt; line-height: inherit;">,</font><font style="font-size: 7pt; line-height: inherit;">338</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">163</font><font style="font-size: 7pt; line-height: inherit;">,</font><font style="font-size: 7pt; line-height: inherit;">743</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">549,223</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(29,692)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">519,531</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,448</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,135,683</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(36,994)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,098,689</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">52,048</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,108,509</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(42,596)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,065,913</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">84,912</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">101,749</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(15,034)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">86,715</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">19,878</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">78,808</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(11,380)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">67,428</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,577)</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Nova Amaralina S.A. Propriedades Agr&#237;colas</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">586,164</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(32,993)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">553,171</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">29,287</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">563,096</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(31,890)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">531,206</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">31,292</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">248,938</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(12,213)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">236,725</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(10,224)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">259,687</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(37,436)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">222,251</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">34,838</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">578,372</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(19,051)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">559,321</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">58,717</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">537,119</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(28,711)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">508,408</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">96,780</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">565,305</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,776)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">546,529</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">56,445</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">530,358</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(24,585)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">505,773</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">96,894</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">811,527</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(26,920)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">784,607</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(9,772)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">840,064</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(40,418)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">799,646</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">127,731</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Tellus </font><font style="font-size: 7pt; line-height: inherit;">Brasil</font> <font style="font-size: 7pt; line-height: inherit;">Participa&#231;&#245;es</font> <font style="font-size: 7pt; line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,103,826</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(184,744)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,919,082</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">452,174</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,129,945</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(171,300)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,958,645</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">707,176</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,394,239</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(271,665)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,122,574</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">644,711</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,017,992</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(282,158)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,735,834</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,162,047</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Duguetiapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">97,542</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,008)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">90,534</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">32,906</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">97,542</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,008)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">90,534</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">32,906</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Gamiovapar</font><font style="font-size: 7pt; line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">617,029</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(32,890)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">584,139</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">24,170</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">617,029</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(32,890)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">584,139</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">24,170</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">Moove</font><font style="font-size: 7pt; line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,301,161</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,410,359)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,890,802</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 7pt; line-height: inherit;">394,</font><font style="font-size: 7pt; line-height: inherit;">122</font></font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,969,260</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(5,649,161)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,320,099</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">276,938</font></p>














</td>











</tr>


























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>88</font></font></td>




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p style="margin: 8pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The following </font><font style="line-height: inherit;">are investments in associates as of December 31, 2024, which are </font><font style="line-height: inherit;">relevant</font><font style="line-height: inherit;"> to the Company:</font></font></p>
<p style="margin: 10pt 0pt 10pt 42.54pt; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Consolidated</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares issued by the associate</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares held by Cosan</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan ownership interest</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Rhall</font> <font style="line-height: inherit;">Terminais</font> <font style="line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,580</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,574</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.00%</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 50%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Termag</font><font style="line-height: inherit;"> - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">500,000</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,250</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 16%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19.85%</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">TGG - Terminal de Gran&#233;is do Guaruj&#225; S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">500</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font></font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">50</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font></font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10.00%</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">CLI Sul </font><font style="line-height: inherit;">S.A. </font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">543,750,625</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">108,750,125</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Terminal Multimodal de Gr&#227;os e Fertilizantes S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,005,000</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,002,500</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; CEG Rio S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,995,022,625</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">746,251,086</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37.41%</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Mato Grosso do Sul - </font><font style="line-height: inherit;">Msg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">61,610,000</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,188,900</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49.00%</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Santa Catarina - </font><font style="line-height: inherit;">Scg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,749,497</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,407,293</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41.00%</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Corporate</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Vale S.A</font><font style="font-size: 8pt; line-height: inherit;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font> </font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,539,007,580</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,342,515</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.15%</font></p>














</td>











</tr>


























</table>
<p style="margin: 0pt 70.85pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; height: 10px;">

<tr style="height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 3%; vertical-align: top;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 4%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 93%; vertical-align: top;" valign="top">
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0px; text-align: justify; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In April 2024, Cosan sold 33,524,185 Vale shares, reducing its stake by 0.78%. The figure of&nbsp;</font><font style="line-height: inherit;">4.15%</font><font style="line-height: inherit;">&nbsp;refers to the percentage holding, excluding treasury shares, for calculating equity equivalence and receiving dividend</font><font style="line-height: inherit;">s.</font></font><br></p>











</td>




</tr>
















</table>











</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2024</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Interest in earnings of associates</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Impairment in associate</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Reclassification to assets held for sale</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Write-off related to sale of shareholding</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Business combination </font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(ii)</font></font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Capital increase</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Other</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>














</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Dividend receivable </font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">i</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">)</font></font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Rhall</font> <font style="line-height: inherit;">Terminais</font> <font style="line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,170</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,335</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,208)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,297</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 29%; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Termag</font><font style="line-height: inherit;"> - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,018</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,721)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; width: 0.5%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,297</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; TGG - Terminal de Gran&#233;is do Guaruj&#225; S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,960</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,463</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,000)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,423</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; CLI Sul S.A. </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">217,738</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17,953</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(12,900)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">222,791</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Terminal XXXIX S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">66,415</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,247</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(19,870)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(60,792)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Terminal Multimodal de Gr&#227;os e Fertilizantes </font><font style="line-height: inherit;">S.A</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">78</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(20)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">30,000</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">30,058</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia Paranaense de G&#225;s - </font><font style="line-height: inherit;">Compag&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">403,532</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,656</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,209)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(413,271)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">292</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Santa Catarina - </font><font style="line-height: inherit;">Scg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">640,332</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">46,179</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(32,824)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">653,687</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,495</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; CEG Rio S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">288,386</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">66,796</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,390)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">336,792</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,426</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; Companhia de G&#225;s de Mato Grosso </font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">do Sul - </font><font style="line-height: inherit;">Msg&#225;s</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">297,874</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">13,856</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(24,254)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">287,476</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Norg&#225;s</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,425</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Vale S.A</font><font style="line-height: inherit;">.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,662,485</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,524,327</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,672,396)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,041,100)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,462,833)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">101,653</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9,112,136</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">78,509</font></p>














</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,459</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(138)</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,288</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,609</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">17,611,369</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">1,719,031</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(4,672,396)</font></p>














</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(1,175,775)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(60,792)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(2,462,833)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(413,271)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">30,000</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">103,233</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">10,678,566</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">107,872</font></p>














</td>











</tr>


























</table>
<p style="margin: 0pt; text-indent: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="padding: 0px 0px 0px 10px; width: 3%; vertical-align: top;" valign="top"><br></td>
<td style="padding: 0px; width: 4%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="width: 93%; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Dividends receivable by the<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">parent</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>companies of the subsidiaries disclosed in the table, which are consolidated in Cosan S.A.</font></td>




</tr>
<tr>
<td style="padding: 0px 0px 0px 10px; vertical-align: top;" valign="top"><br></td>
<td style="padding: 0px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(ii)</font></td>
<td style="vertical-align: top;" valign="top">
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 0pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">As disclosed in note 9.2, the subsidiary Compass acquired a 51% stake and control of<font style="line-height: inherit;">&nbsp;</font></font><font style="line-height: inherit;">Compagas</font><font style="line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>and is no longer considered an associate.</font></font><br></p>











</td>




</tr>
















</table>
<p style="margin: 0pt; text-indent: 0pt; text-align: justify; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>89</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt 0pt 0pt 56.75pt; text-indent: -42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: Arial; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 382px; width: 100%;" width="100%">

<tr style="height: 40px;">
<td style="vertical-align: middle; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: Arial; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Interest in earnings of associates</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Discontinued operation</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Capital reduction</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Reclassification to </font><font style="color: #0079aa; font-weight: bold; line-height: inherit;">held</font><font style="color: #0079aa; font-weight: bold; line-height: inherit;"> for sale</font></font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reclassification of financial assets</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other </font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>














</td>
<td style="vertical-align: bottom; height: 40px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 40px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: 'times new roman', times; line-height: inherit; font-size: 8pt;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Dividend receivable </font><font style="font-size: 7pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">i</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">)</font></font></font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 35.5%; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 6%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Rhall</font> <font style="line-height: inherit;">Terminais</font> <font style="line-height: inherit;">Ltda</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,654</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,716</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,200)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,170</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Termag</font><font style="line-height: inherit;"> - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,464</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2,446)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,018</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; TGG - Terminal de Gran&#233;is do Guaruj&#225; S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">17,468</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">8,826</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(10,334)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,960</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Eleva&#231;&#245;es</font> <font style="line-height: inherit;">Portu&#225;rias</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">296,746</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">38,992</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,960)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(99,040)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">217,738</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Terminal XXXIX S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">53,136</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">28,247</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,968)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">66,415</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia Paranaense de G&#225;s - </font><font style="line-height: inherit;">Compag&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">424,837</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">36,300</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(57,956)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">351</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">403,532</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,636</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Companhia Pernambucana de G&#225;s - Coperg&#225;s</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">415,301</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">5,921</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(19,238)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(401,984)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Santa Catarina - </font><font style="line-height: inherit;">Scg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">627,829</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">37,028</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(24,525)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">640,332</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,957</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Sergipe G&#225;s S.A. - SERG&#193;S</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">69,430</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,230</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(5,466)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(67,194)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s do Cear&#225; - </font><font style="line-height: inherit;">Ceg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">184,537</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,573</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(13,676)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(183,880)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,446</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; CEG Rio S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">274,480</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">84,822</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(70,916)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">288,386</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">20,708</font></p>














</td>










</tr>
<tr style="height: 19px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 19px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; Companhia de G&#225;s de Mato Grosso </font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">do Sul - </font><font style="line-height: inherit;">Msg&#225;s</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">291,543</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">20,828</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,497)</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">297,874</font></p>














</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,496</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;"> Companhia Potiguar de G&#225;s - </font><font style="line-height: inherit;">Potigas</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">168,887</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,371</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(13,118)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(170,140)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"> G&#225;s de Alagoas S.A. - Alg&#225;s</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">68,448</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,324</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(8,492)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(69,656)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(624)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Vale S.A</font><font style="line-height: inherit;">.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">96,075</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,274,081</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(707,671)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">15,662,485</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">Other</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,183</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(735)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">6,459</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">39</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">2,913,943</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">350,399</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">45,419</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(273,346)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(99,040)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(892,854)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">16,274,081</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(707,233)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">17,611,369</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 4.25pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">35,836</font></p>














</td>










</tr>

























</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; height: 10px;">

<tr style="height: 10px;">
<td style="text-align: justify; padding: 0px 0px 0px 10px; width: 3%; height: 10px; vertical-align: top;" valign="top"><br></td>
<td style="text-align: justify; padding: 0px; width: 4%; height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="text-align: justify; width: 93%; height: 10px; vertical-align: top;" valign="top"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Dividends receivable by the parent companies of the subsidiaries disclosed in the table, which are consolidated in Cosan S.A.</font></font></td>




</tr>















</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>90</font></font></td>




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p style="margin: 8pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 10pt; text-indent: 0pt;"><font style="font-size: 10pt; text-indent: 0pt; line-height: inherit;">Financial information of associates</font><font style="font-size: 10pt; text-indent: 0pt; line-height: inherit;">:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 324px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 35.082%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 35.082%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>














</td>










</tr>
<tr style="height: 35px;">
<td style="vertical-align: middle; height: 35px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shareholders' equity and unsecured liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit for the year</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Assets</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shareholders' equity and unsecured liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 35px; width: 0.983607%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 35px; width: 8.03279%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit for the year</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 29.0164%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">Rhall</font> <font style="line-height: inherit;">Terminais</font><font style="line-height: inherit;"> Ltda.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">26,500</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(10,150)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">16,350</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">7,987</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">33,060</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(12,491)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">20,569</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">5,983</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">Eleva&#231;&#245;es</font> <font style="line-height: inherit;">Portu&#225;rias</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2,183,550</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,390,465)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">793,085</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">66,042</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,251,643</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(444,748)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">806,895</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">194</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">954</font><font style="line-height: inherit;">&nbsp;</font></font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">Termag</font><font style="line-height: inherit;"> - Terminal Mar&#237;timo de Guaruj&#225; S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">280,950</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(259,472)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">21,478</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(13,329)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">298,815</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(268,730)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">30,085</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">4,721</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">TGG - Terminal de Gran&#233;is do Guaruj&#225; S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">233,962</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(69,789)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">164,173</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">68,477</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">242,779</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(73,216)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">169,563</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">88,867</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Terminal XXXIX S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">481,569</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(326,731)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">154,838</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">53,986</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt 0pt 0pt 4.85pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Terminal Multimodal de Gr&#227;os e Fertilizantes S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">61,002</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,032)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">59,970</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">146</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia Paranaense de G&#225;s - </font><font style="line-height: inherit;">Compag&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,208,959</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(685,288)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">523,671</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">96,866</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Santa Catarina - </font><font style="line-height: inherit;">Scg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,127,032</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(328,564)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">798,468</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">162,847</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,118,237</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(399,252)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">718,985</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">153,217</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp; CEG Rio S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,695,573</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(953,322)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">742,251</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">184,905</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,944,385</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,326,484)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">617,901</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">233,099</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Companhia de G&#225;s de Mato Grosso do Sul - </font><font style="line-height: inherit;">Msg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">378,691</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(197,859)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">180,832</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">37,640</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">390,976</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(193,298)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">197,678</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">56,649</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 29.0164%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.983607%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.03279%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 29.0164%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp; Vale S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">455</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">316</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">(248</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">544</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000)</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">206</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">772</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;"><font style="line-height: inherit;">31</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">592</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">000</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">423,626,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(232,661,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">190,965,000</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.983607%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.03279%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">39,940,000</font></p>














</td>










</tr>

























</table>
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; height: 17px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>91</font></font></td>










</tr>





















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>
<p style="margin: 6pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>










</div>
<div style="line-height: 1.2;">
<div style="margin: 6pt 0pt 0pt 14.2pt; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_22_271202520235656" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">9.2. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ACQUISITION OF SUBSIDIARIES</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.6pt;">
<p style="margin: 6pt 0pt 6pt 14.2pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Business combinations are accounted for using the acquisition method. The consideration transferred in the acquisition is measured at fair value, calculated as the sum of the fair values of the assets transferred by the Company on the acquisition date, the liabilities incurred by the Company in relation to the former controlling shareholders of the acquired entity and the equity interests issued by the Company in exchange for control of the acquired entity. Acquisition-related costs are recognized </font><font style="line-height: inherit;">in</font><font style="line-height: inherit;"> profit or loss as incurred.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The consideration transferred does not include amounts relating to the payment of pre-existing relationships. These amounts are generally recognized in the income statement. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In determining whether a set of activities and assets constitutes a business, the Company assesses whether the set of assets and activities acquired includes at least one input and one substantive process that together </font><font style="line-height: inherit;">contribute</font><font style="line-height: inherit;"> significantly to the ability to generate output.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On the acquisition date, identifiable assets acquired and liabilities assumed are recognized at fair value on that date, except for:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Deferred tax assets or liabilities and assets and liabilities related to employee benefit arrangements, which are recognized and measured in accordance with IAS 12/CPC 32 and IAS 19/CPC </font><font style="line-height: inherit;">33;</font></font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Share-based payment plans held by the acquiree's employees that need to be replaced (plan replacement). All or part of the new replacement plan amount issued by the Company is included in the measurement of the consideration transferred in the business combination. This determination is based on the fair value of the replacement plan compared to the fair value of the acquiree's share-based payment plan and to the extent that this replacement plan relates to services rendered prior to the combination; and</font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets classified as held for sale, in accordance with IFRS 5/CPC 31, which are measured in accordance with this standard.</font></li>














</ul>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When measuring fair values, valuation techniques are used which consider market prices for similar items, discounted cash flow, among others.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Initially, goodwill is measured as the excess of the consideration transferred over the net assets acquired (identifiable assets acquired, net of liabilities assumed). If the consideration is less than the fair value of the net assets acquired, the difference must be recognized in profit or loss as a gain on a bargain purchase.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">After initial recognition, goodwill is measured at cost, less any accumulated impairment losses. For impairment testing purposes, goodwill acquired in a business combination is, as of the acquisition date, allocated to each of the Company's cash-generating units that are expected to benefit from the synergies of the combination, regardless of whether other assets or liabilities of the acquiree are attributed to these units.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">When goodwill is part of a cash-generating unit and a portion of that unit is disposed of, the goodwill associated with the portion disposed of must be included in the cost of the transaction when determining the gain or loss on disposal. The goodwill </font><font style="line-height: inherit;">disposed of in these circumstances is determined </font><font style="line-height: inherit;">on the basis of</font><font style="line-height: inherit;"> the proportional values of the portion disposed of in relation to the cash-generating unit held.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When the consideration transferred by the Company in a business combination includes a contingent consideration agreement, the contingent consideration is measured at fair value on the acquisition date and included in the consideration transferred in the business combination. Changes in the fair value of contingent consideration classified as measurement period adjustments are adjusted retroactively, with corresponding adjustments to goodwill. Measurement period adjustments correspond to adjustments resulting from additional information obtained during the &#8220;measurement period&#8221; (which cannot be longer than one year from the acquisition date), related to facts and circumstances existing on the acquisition date.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Subsequent accounting for changes in the fair value of contingent consideration not classified as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration classified as equity is not </font><font style="line-height: inherit;">remeasured</font><font style="line-height: inherit;"> on subsequent disclosure dates, and its settlement is recorded in equity.</font></font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When a business combination is carried out in stages, the interest previously held by the Company in the acquiree is remeasured to its fair value on the acquisition date, and the corresponding gain or loss, if any, is recognized in profit or loss. The values of the interests in the acquired entity prior to the acquisition date, previously recognized in &#8220;Other comprehensive income&#8221;, are reclassified to profit or loss, to the extent that such treatment would have been appropriate if the interest had been sold.</font></p>




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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p style="margin: 5pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>




</div>
<div style="line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"></font>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.6pt;">
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify; font-family: 'times new roman', times;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As this is a <font style="line-height: inherit;">fair</font> value measurement, if new information obtained within one year of the acquisition date about the facts and circumstances that existed on the acquisition date indicates adjustments to the aforementioned amounts or any additional provisions that existed on the <font style="line-height: inherit;">acquisition</font> date, the accounting for the acquisition will be reviewed. Management expects that only the measurement of intangible assets will have any impact on this assessment.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: -0.1pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Contingent liabilities recognized in a business combination</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-indent: 21.25pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contingent liabilities acquired in a business combination are initially measured at fair value on the acquisition date. At year-end, these contingent liabilities are measured at the higher of:</font></p>
<ul>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the amount that would be recognized in accordance with IAS 37 (CPC 25); and</font></li>
<li style="font-family: Symbol; font-size: 11pt; margin: 6pt 0pt 6pt 49.26pt; padding-left: 7.94pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">the amount initially recognized, less the accumulated amortization of revenue recognized in accordance with IFRS 15 (CPC 47).</font></li>














</ul>














</td>














</tr>





























</table>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; color: #0078ab; font-weight: bold; line-height: inherit;">Companhia Paranaense de G&#225;s &#8211; COMPAGAS</font><font style="font-size: 10pt; color: #0078ab; font-weight: bold; line-height: inherit;">.</font></p>
<p style="margin: 8pt 0pt 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">On September 16, 2024, the indirect subsidiary Compass </font><font style="line-height: inherit;">Dois</font><font style="line-height: inherit;"> completed the acquisition of a 51% stake in Companhia </font><font style="line-height: inherit;">Paranaense</font><font style="line-height: inherit;"> de </font><font style="line-height: inherit;">G&#225;s</font><font style="line-height: inherit;"> - </font><font style="line-height: inherit;">Compagas</font><font style="line-height: inherit;"> (&#8220;</font><font style="line-height: inherit;">Compagas</font><font style="line-height: inherit;">&#8221;) </font><font style="line-height: inherit;">for the amount of</font><font style="line-height: inherit;"> R$962,125. Therefore, the subsidiary Compass now holds a total indirect stake of 63.5% in </font><font style="line-height: inherit;">Compagas</font><font style="line-height: inherit;">. Of this total, R$384,394 was paid up to the date of completion of the transaction, while </font><font style="line-height: inherit;">R$</font><font style="line-height: inherit;">577,731 (R$595,567 monetarily updated by the Selic rate as of December 31, 2024)</font><font style="line-height: inherit;"> corresponds to the remaining installments, which will be paid up to September 2026 and are recorded under &#8220;Other financial liabilities&#8221;</font><font style="line-height: inherit;">.</font> <font style="line-height: inherit;">The outstanding balance is updated by SELIC, totaling R$17,835 on December 31, 2024.</font></font></p>
<p style="margin: 10pt 0pt 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The acquisition is in line with the strategy of the indirect subsidiary Compass to focus on irreplicable assets in the natural gas sector.</font></p>
<p style="margin: 10pt 0pt 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Compagas</font><font style="line-height: inherit;"> is headquartered in the city of Curitiba, the capital of the state of Paran&#225;, and exclusively operates the piped natural gas distribution service for that state through a concession contract valid until July 2054.</font></font></p>
<p style="margin: 10pt 0pt 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In the preliminary evaluation carried out by the subsidiary Compass, the acquisition price was mostly allocated to the concession </font><font style="line-height: inherit;">right</font><font style="line-height: inherit;"> and will be amortized over the term of the concession contract. In addition, </font><font style="line-height: inherit;">a contingent</font><font style="line-height: inherit;"> liability was allocated in accordance with note 16.</font></font></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The fair value of the assets and liabilities acquired </font><font style="line-height: inherit;">is</font><font style="line-height: inherit;"> shown below. The value of non-controlling interests is measured by their proportional share in the fair value of the assets and liabilities acquired.</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><br></font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 396px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Transferred consideration</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 79%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash transfer - on the date of signing the contract</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 20%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,270</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash transfer - on the closing date</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">337,124</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Remaining installments</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">577,731</font></p>














</td>










</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Transferred consideration</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">962,125</font></p>














</td>










</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Identifiable assets acquired and liabilities assumed</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">53</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">801</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Accounts receivable from customers</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">106</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">431</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax and social contribution to be recovered</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">25</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">869</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other taxes to be recovered</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">53</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">317</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other assets</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">81</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">269</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contract assets</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">56</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">627</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Intangible</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">2</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">905</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">516</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loans, borrowings and debentures</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(285</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">033)</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Trade payables</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(77</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">273)</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current income tax and social contribution payable</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(21</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">258)</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other taxes payable</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(32</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">066)</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other accounts payable</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(138</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">952)</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for lawsuits</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(98</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">126)</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income tax and social contribution liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(743</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">602)</font></font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Participation of non-controlling shareholders</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: top; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">(924</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">395)</font></font></p>














</td>










</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Net assets acquired</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">962,125</font></p>














</td>










</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cash received</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(53,801)</font></p>














</td>










</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Consideration transferred, net of cash</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">908,324</font></p>














</td>










</tr>

























</table>
<p style="font-size: 6pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>93</font></font></td>










</tr>





















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; line-height: 1.2; text-align: left;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">The consolidated income statement includes since the acquisition date net operating revenue and net income for the period in the amounts of R$31</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">4</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">,288 and R$22,746, respectively generated by<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">Compagas</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">. Whether<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">Compagas</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>had been consolidated since January 1, 2024, the consolidated income statement for the period ended<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">Dec</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">ember 3</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">1</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">,<font style="line-height: inherit;">&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">2024</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font>would have been increased by net operating revenue and net income for the period in the amounts of R$651,206 and R$26,448 respectively</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; line-height: inherit;">.</font></font></p>
<div style="margin: 10pt 0pt 0pt 14.2pt; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BSD_23_27120252038146" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">9.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">3. NON-CONTROLLING INTEREST IN SUBSIDIARIES</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 450.2pt;">
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Non-controlling interests in subsidiaries are presented separately from the parent company's interest in consolidated equity. Non-controlling interests that represent equity </font><font style="line-height: inherit;">interests and entitle their holders to a proportionate share of the entity's assets in the event of liquidation may be measured initially at fair value or based on the proportionate share of the acquired entity's identifiable net assets attributable to non-controlling interests. The choice of measurement method is made on a transaction-by-transaction basis. Other types of non-controlling interests are initially measured at fair value. After the acquisition, the book value of the non-controlling interests is determined by the value of these interests at initial recognition, adjusted by the portion of subsequent changes in the subsidiary's equity attributable to the non-controlling interests.</font></font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The result and each component of other comprehensive income are attributed to the Company's owners and to the non-controlling interests. The total comprehensive income of subsidiaries is attributed to the Company's owners and non-controlling interests, even if this results in a negative balance for non-controlling interests.</font></p>














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</table>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Below is summarized financial information for each subsidiary that has non-controlling interest that </font><font style="line-height: inherit;">are</font><font style="line-height: inherit;"> material to the group. The amounts disclosed for each subsidiary are before intercompany eliminations.</font></font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares issued by the subsidiary</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shares held by non-controlling shareholders</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Non-controlling interest</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 53%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Tellus</font><font style="line-height: inherit;"> Brasil Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 15%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,063,044</font></p>














</td>
<td style="vertical-align: bottom; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 15%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,250,435</font></p>














</td>
<td style="vertical-align: bottom; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 15%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">286,370,051</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">229,096,041</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Duguetiapar</font><font style="line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,573,842</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,859,074</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Gamiovapar</font><font style="line-height: inherit;"> Empreendimentos e Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,912,970</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,330,376</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">737,500</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">368,750</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,693,378</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80,346,689</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,066,329</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,033,165</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,336,994</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,168,497</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Nova </font><font style="line-height: inherit;">Amaralina</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,603,159</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,301,580</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,667,061</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">66,333,531</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,977,921</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,488,961</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">83,850,938</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,925,469</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,440,221</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,720,111</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,854,868,949</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,287,383,261</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69.60%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,963,764</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,489,129</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30.00%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cosan Nove Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,663,761,736</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,062,583,640</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26.91%</font></p>














</td>










</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cosan Limited Partners Brasil Consultoria Ltda.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,000</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,000</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.88%</font></p>














</td>










</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,473,458,688</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,963,829</font></p>














</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23.20%</font></p>














</td>










</tr>

























</table>
<div style="margin: 10pt 0pt 0pt; text-indent: 0pt; line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>94</font></font></td>










</tr>





















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table summarizes information relating to each of the Company's subsidiaries that has material non-controlling interests, prior to any intra-group elimination.</font></p>










</div>
<div style="line-height: 1.2;"><br></div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 506px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 21.7087%;">
<p style="margin: 0px; break-before: page; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0px; break-before: page; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.96359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2024</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.12325%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit attributable to non-controlling interests</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.42297%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Capital </font><font style="color: #0079aa; font-weight: bold; line-height: inherit;">increase (</font><font style="color: #0079aa; font-weight: bold; line-height: inherit;">reduction</font><font style="color: #0079aa; font-weight: bold; line-height: inherit;">)</font></font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 7.42297%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Sale</font><font style="color: #0079aa; font-weight: bold; line-height: inherit;"> of assets held for sales</font></font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 9.66387%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other comprehensive income</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.68347%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.12325%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Business</font><font style="color: #0079aa; font-weight: bold; line-height: inherit;"> combination</font></font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 1.40056%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 6.44258%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px 2px; margin: 0px; text-indent: 0px; width: 0.560224%;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding: 0px 2px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; width: 8.96359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0px; text-align: center; line-height: 1; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 21.7087%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 9.66387%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.68347%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 6.44258%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Comg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">32,145</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,726</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(20,680)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">446</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">26,637</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Commit </font><font style="line-height: inherit;">G&#225;s</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,562,500</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">138,356</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(456,045)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">112,401</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">235</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,357,447</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Norg&#225;s</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">372,030</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(372,030)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Companhia Paranaense de G&#225;s - COMPAGAS</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,569</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,446)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">462,197</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">188</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">460,508</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Biometano</font><font style="line-height: inherit;"> Verde Paul&#237;nia S.A</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">237,981</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,228</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(970)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">238,239</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Compass </font><font style="line-height: inherit;">G&#225;s</font><font style="line-height: inherit;"> e Energia </font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">790,672</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">235,988</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(179,999)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(19,254)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(269,808)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">344</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">557,943</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;&nbsp; Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">11,104,589</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(657,631)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">904</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,676)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,266</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,457,452</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Moove</font><font style="line-height: inherit;"> Lubricants Holdings</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">695,848</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">118,209</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">26,028</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(270,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,094)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">566,991</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Cosan Limited Partners Brasil</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Cosan Nove Participa&#231;&#245;es S.A. </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,567,019</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(365,149)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">34,202</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">25,796</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(105,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,577</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,164,445</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,512,041</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">501,890</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(396,395)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(34,229)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(603,022)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(152)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">980,133</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,743,201</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">513,119</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(205,270)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,051,050</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Tellus</font><font style="line-height: inherit;"> Brasil Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,156,328</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">359,813</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(74,741)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(316,542)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,124,858</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Gamiovapar</font><font style="line-height: inherit;"> Empreendimentos e </font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">472,244</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">128,911</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,549)</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">591,606</font></p>














</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Duguetiapar</font><font style="line-height: inherit;"> Empreendimentos e </font></font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">66,715</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,911</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(17,143)</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(59,821)</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,338)</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,089,154</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">113,818</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(584)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(25,518)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,176,870</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">204,444</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">67,872</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(16,968)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">255,348</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">417,013</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">21,574</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(7,988)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">430,599</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Nova Amaralina S.A. Propriedades Agr&#237;colas</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">29,893</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">12,140</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,035)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">38,998</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">197,833</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">8,239</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(245)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">205,827</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">84,251</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,238)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,237</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">90,250</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">199,303</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">24,339</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,235)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">220,407</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">199,584</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23,397</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 7.42297%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 9.66387%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(6,503)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">216,478</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; Castanheira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">291,078</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(4,050)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.42297%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.66387%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.68347%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,183)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.12325%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6.44258%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.96359%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">284,845</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 21.7087%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">30,025,873</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,262,029</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7.42297%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(634,660)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 7.42297%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(372,030)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 9.66387%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(755)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 8.68347%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(2,382,267)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.12325%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">574,598</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 1.40056%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 6.44258%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">21,810</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; width: 0.560224%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; width: 8.96359%; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">28,494,598</font></p>














</td>














</tr>





























</table>
<div>
<p style="margin:0pt"><br></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>95</font></font></td>










</tr>





















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>










</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 577px;" width="100%">

<tr style="height: 67px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Profit attributable to non-controlling interests</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Capital (reduction) increase</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Gain (loss) with capital increase</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other comprehensive income</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Dividends</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Business combination</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reclassification</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>














</td>
<td style="vertical-align: bottom; height: 67px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 67px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 25.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Compass</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.5%;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Comg&#225;s</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,151</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,419</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">444</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(6,869)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">32,145</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Commit </font><font style="line-height: inherit;">G&#225;s</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,058,651</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">185,312</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(309,324)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(372,030)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(109)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,562,500</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Norg&#225;s</font><font style="line-height: inherit;"> S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">372,030</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">372,030</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Biometano</font><font style="line-height: inherit;"> Verde Paul&#237;nia S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">521</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">237,460</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">237,981</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; Compass </font><font style="line-height: inherit;">G&#225;s</font><font style="line-height: inherit;"> e Energia </font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">782,583</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">192,358</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">132</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(183,126)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,275)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">790,672</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;&nbsp; Rumo S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">10,797,146</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">503,029</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(12,250)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(9,280)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">704</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(122,165)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(52,595)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">11,104,589</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Cosan Lubes Investments Limited</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">702,001</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">82,979</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(78,742)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(15,346)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,956</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">695,848</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Cosan Corporate</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Cosan Limited Partners Brasil</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">9</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(2)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Cosan Nove Participa&#231;&#245;es S.A. </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,634,310</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">338,315</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">32,732</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(14,728)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(436,566)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12,956</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,567,019</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Cosan Dez Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,302,661</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">573,987</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">454</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(372,772)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">7,710</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,512,041</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Sinlog</font><font style="line-height: inherit;"> Tecnologia em Log&#237;stica S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,911</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,969)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">21,959</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(12,622)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(22,279)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Janus Brasil Participa&#231;&#245;es S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,773,279</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">924,908</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(74,830)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">119,844</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,743,201</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Tellus</font><font style="line-height: inherit;"> Brasil Participa&#231;&#245;es S.A.</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,584,058</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">562,713</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(18,400)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(40,531)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">68,488</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">3,156,328</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Gamiovapar</font><font style="line-height: inherit;"> Empreendimentos </font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">e Participa&#231;&#245;es S.A.</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">505,681</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">19,233</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(5,004)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(47,377)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(289)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">472,244</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">&nbsp; </font><font style="line-height: inherit;">Duguetiapar</font><font style="line-height: inherit;"> Empreendimentos </font></font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">e Participa&#231;&#245;es S.A.</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">70,857</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">26,185</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(30,319)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(8)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">66,715</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Radar II Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">878,879</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">174,346</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,902)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">37,831</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,089,154</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Radar Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">212,065</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">4,331</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(7,275)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(4,677)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">204,444</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Nova Agr&#237;cola Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">365,807</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">35,196</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">16,010</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">417,013</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; Nova Amaralina S.A. Propriedades </font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">Agr&#237;colas</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">2,041</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">12,971</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,881</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">29,893</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Nova Santa B&#225;rbara Agr&#237;cola S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">201,389</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,141)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(415)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">197,833</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Terras da Ponte Alta S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">73,421</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">14,440</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(3,610)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">84,251</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Paineira Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">157,784</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">40,115</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">1,404</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">199,303</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp; Manac&#225; Propriedades Agr&#237;colas S.A.</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">160,553</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">40,163</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">(1,151)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">19</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">199,584</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 7pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">&nbsp; Castanheira Propriedades&nbsp;&nbsp;</font><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">Agr&#237;colas S.A.</font></font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">210,995</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">52,944</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">27,139</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">291,078</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">27,516,232</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">3,790,353</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(24,022)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">10,830</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(91,736)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">(1,550,643)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">237,460</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">137,399</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 7pt; font-weight: bold; line-height: inherit;">30,025,873</font></p>














</td>









</tr>
























</table>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>96</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Summary</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> - </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">statement of financial position:</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 135px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Dez</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Nove</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>









</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 11px; vertical-align: bottom; background-color: #cceeff; width: 25.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Current</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 0.5%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 11px; vertical-align: bottom; background-color: #cceeff; width: 7%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Assets</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,590,825</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,020,790</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">46,918</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,903</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">31,765</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">91,412</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,451,323</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,846,647</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp; &nbsp;559,288 </font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">819,887</font></p>














</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Liabilities</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,336,052)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(127,876)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(40,018)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(392)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(3,603)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,267,586)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(1,135,917)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp;(137,056)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(184,004)</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Current net assets</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">254,773</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">892,914</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">6,900</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,511</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">31,765</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">87,809</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,183,737</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,710,730</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp; &nbsp; &nbsp;422,232 </font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">635,883</font></p>














</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Non-current</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Assets</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">4,091,608</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,798,291</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">9,310,850</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">10,373,285</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,858,568</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,218,429</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">23,288,895</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">22,572,211</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">17,179,276 </font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">16,152,441</font></p>














</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Liabilities</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(10,741,388)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(9,611,588)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;(602,315)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(613,705)</font></p>














</td>









</tr>
<tr style="height: 20px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Non-current net assets</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,091,608</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">5,798,291</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">9,310,850</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">10,373,285</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,858,568</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,218,429</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12,547,507</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12,960,623</font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,576,961 </font></p>














</td>
<td style="height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">15,538,736</font></p>














</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shareholders&#8217; equity</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">4,346,381</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">6,691,205</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">9,317,750</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">10,377,796</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,890,333</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,306,238</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">14,731,244</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">15,671,353</font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,999,193 </font></p>














</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">16,174,619</font></p>














</td>









</tr>
























</table>
<p style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">S</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ummary </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">- </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Statement of profit or loss and statement of other comprehensive income:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 165px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Dez</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Nove</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 21%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Net revenue</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,064,286</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,013,446</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,441,809</font></p>














</td>
<td style="width: 1%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 7%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">743,411</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Income before taxes</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,556,754</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,396,633</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">(1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">078</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">773)</font></font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,005,640</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp; &nbsp;394,309 </font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">207,982</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(863,209)</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">769,233</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,936,036</font></p>














</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,820,202</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Income tax </font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(15,863)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,301)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(271)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,892)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(96,038)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(49,569)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(130,285)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(147,636)</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Result for the year</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,540,891</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,394,332</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">079</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">044)</font></font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">999,748</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">394,309 </font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">207,982</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(959,247)</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">719,664</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,805,751</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,672,566</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Other comprehensive results</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(122,246)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,957</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">76</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">229</font></font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(54,731)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">86,760 </font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(262,473)</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,300</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,011</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total comprehensive results</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,418,645</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,396,289</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">002</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">815)</font></font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">945,017</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">481,069 </font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(54,491)</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(957,947)</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">720,675</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,805,751</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,672,566</font></p>














</td>









</tr>
<tr style="height: 26px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 26px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Comprehensive income attributable</font><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;to non-controlling shareholders</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(34,229)</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">454</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">25,796</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(14,728)</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">26,028 </font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(78,742)</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">904</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">704</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 26px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Dividends paid</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,667,187</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">372,772</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">571,261</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(900,000)</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> &#8212; </font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(170,817)</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">122,231</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">917,530</font></p>














</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">530,576</font></p>














</td>









</tr>
























</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>97</font></font></td>




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>
<p style="margin: 6pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 8pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Summary </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">- </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Statement </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">of </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Cash Flow</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 159px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Dez</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cosan Nove</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Rumo</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Radar</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; width: 35.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash (generated (used in) in operating activities</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">35,059</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(176)</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,390</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">14,941</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">3,079</font><font style="line-height: inherit;">)</font></font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(359)</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">469,310</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">674,137</font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">999,</font><font style="line-height: inherit;">60</font><font style="line-height: inherit;">7</font></font></p>














</td>
<td style="vertical-align: bottom; width: 0.5%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 6%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">626,057</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash (generated (used in) in investing activities</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,366,296</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">757,196</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">63,262</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">555,408</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">896,369</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(5,683)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(487,467)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(175,273)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">22,667</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(30,681)</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash generated (used in) in financing activities</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(2,770,208)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(372,772)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(65,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(571,261)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(900,000)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">7,976</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(692,256)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">445,843</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="line-height: inherit;">(1,029,</font><font style="line-height: inherit;">17</font><font style="line-height: inherit;">9</font><font style="line-height: inherit;">)</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(581,012)</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Reduction of cash and cash equivalents</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(368,853)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">384,248</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,652</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(912)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(</font><font style="font-weight: bold; line-height: inherit;">6,710</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,934</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">(710,413)</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">944,707</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">(6,90</font><font style="font-weight: bold; line-height: inherit;">5</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">14,364</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">Cash and cash equivalents at the beginning of the year</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">386,262</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,014</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,809</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,721</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">1,858</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">3,114,042</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">2,169,335</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">39,946</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">25,582</font></p>














</td>









</tr>
<tr style="height: 23px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 23px;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'times new roman', times; line-height: inherit;">Effect of FX variation on the</font><font style="font-family: 'times new roman', times; line-height: inherit;">cash balance and cash equivalents</font></font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">5,655</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">(76)</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 23px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&#8212;</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents at the end of the year</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">17,409</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">386,262</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">3,461</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,809</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">803</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">1,858</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">2,403,629</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">3,114,042</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">33,041</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">39,946</font></p>














</td>









</tr>
























</table>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt; text-indent: 0pt; line-height: inherit;">&nbsp; &nbsp;</font><a href="#TOC" name="BSD_23_27120252041362" class="customBookmark" style="font-size: 10pt; text-align: justify; text-indent: 0pt; text-decoration-line: none; color: #000000; cursor: default; outline: none; pointer-events: none;"><font style="line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">9.4. INVESTMENTS IN </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ASSOCIATES</font></font></a></p>



</div>
<div style="margin: 10pt 0pt; text-indent: 0pt; line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 263px;" width="100%">

<tr style="height: 263px;">
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt; height: 263px;">
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">An associate is an entity </font><font style="line-height: inherit;">over</font><font style="line-height: inherit;"> which the Company exercises significant </font><font style="line-height: inherit;">influence</font><font style="line-height: inherit;"> and which is neither a subsidiary nor an interest in a joint venture. </font><font style="line-height: inherit;">Significant</font><font style="line-height: inherit;"> influence is the power to participate in decisions on the financial and operating policies of the investee, without exercising individual or joint control over these policies.</font></font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The results, assets and liabilities of associates are incorporated into these financial statements using the equity method, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5/CPC 31.</font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Under the equity method, the investment in an associate is initially recognized at cost. The book value of the investment is adjusted for the purpose of recognizing changes in the Company's interest in the equity of the associate from the date of acquisition. The goodwill relating to the associate is included in the carrying amount of the investment and is neither amortized nor tested separately for impairment. Consequently, reversals of impairments may include the reversal of goodwill impairments. Impairments and reversals are presented together with the item &#8220;Equity&#8221; in the </font><font style="line-height: inherit;">statement of profit or loss</font><font style="line-height: inherit;"> for the year.</font></font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Company discontinues the use of the equity method from the date on which the investment ceases to be an associate. When a Company holds an interest in a former associate and that interest is a financial asset, the Company measures the interest held at fair value </font><font style="line-height: inherit;">on the basis of</font><font style="line-height: inherit;"> the data, and that fair value is considered to be its fair value at initial recognition. The difference between the carrying amount of the associate at the date on which the use of the equity method is discontinued and the fair value of any interest held, as well as any proceeds from the partial disposal of the interest in the associate, are included in determining the gain or loss on disposal of the associate. In addition, the Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets and liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by the associate is reclassified to profit or loss upon disposal of the corresponding assets and liabilities, the Company reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the associate is disposed of.</font></font></p>
<p style="margin: 6pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transactions between associates and their non-controlling shareholders that affect equity are recognized by the equity method in the Company's profit or loss.</font></p>
<p style="margin: 6pt 0pt 0pt; text-indent: 28.3pt; line-height: 1.2; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The associate's financial projections are prepared for the same reporting period as the Company. When necessary, adjustments are made so that the accounting policies are audited with the Company.</font></p>














</td>














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</table>
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<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>98</font></font></td>







</tr>















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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: justify;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">On November 30, 2023, the Company obtained sufficient evidence to demonstrate its ability to exercise significant influence over Vale's policies and operations. This evidence consisted of the participation of the member appointed by<font>&nbsp;</font>Cosan<font>&nbsp;</font>to Vale's Board of Directors in the policy-making process, including decisions on dividends and other distributions. Consequently, from that date onwards,<font>&nbsp;</font>Cosan<font>&nbsp;</font>considered Vale to be an associated company, recording the investment using the equity method</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 10pt 0pt 10pt 32.2pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Summarized financial position:</font></font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 10pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The following table summarizes the financial information of the associate.</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 224px;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Fair value</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; width: 79%; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current assets</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">83</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">476</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">000</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 1%; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71,488,000</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current assets held for sale </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,041,000</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current assets</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">601</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">493</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">249</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">559,608,737</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current liabilities</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">82</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">297</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">159</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">69,424,316</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Liabilities related to assets held for sale</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,714,000</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current liabilities</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">247</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">509</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">879</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">234,756,474</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenue</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">206</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">005</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">000</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">208,066,000</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profits and losses from continuing operations</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;&nbsp; </font><font style="font-size: 10pt; line-height: inherit;">27</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">848</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">043</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">40</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">554</font></font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other comprehensive income</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">474</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">000</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,467,000)</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Total comprehensive income</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">34</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">322</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">043</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">38,087,000</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">338</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">900</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">211</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">326,980,947</font></p>














</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan&#8217;s share in equity</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">15%</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.90%</font></p>














</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 16px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity interest of Cosan&#8217;s Investment</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">14</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">064</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">359</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,022,066</font></p>














</td>









</tr>
























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 91px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity method</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">12/31/2023 </font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">i</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">)</font></font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 79%;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profit for the period </font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,592,400</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 17px; vertical-align: bottom; width: 1%;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom; width: 10%;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,189,734</font></p>














</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan's share in equity</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;">15%</font></font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4.90%</font></p>














</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cosan's share of year</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,311,085</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107,297</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Amortization of fair value adjustments</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">107,193</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,222)</font></p>














</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other equity effects</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">106,049</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>














</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Equity in earnings</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,524,327</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; height: 10px; text-align: right; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">96,075</font></td>









</tr>
























</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; height: 19px;">

<tr style="height: 19px;">
<td style="vertical-align: top; padding: 0px 0px 0px 10px; width: 3%;"><br></td>
<td style="vertical-align: top; padding: 0px; height: 19px; width: 4%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">(i)</font></td>
<td style="height: 19px; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Equity in earnings related to the one-month period since the Company obtained significant influence at Vale on November 30, 2023</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></td>




</tr>














</table>
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>99</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 12pt; font-family: 'times new roman', times; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Notes to the interim Financial Statement</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">s</font></font></p>
<p style="margin: 0pt 0pt 10pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 0pt 14.2pt; text-indent: 0pt;"><font style="font-family: Arial; font-size: 11pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Impairment test of investment in Vale</font></font></p>
<p style="margin: 10pt 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company periodically monitors its investments for the need to recognize impairment losses, in line with IAS 28/CPC 18.</font></p>
<p style="margin: 6pt 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">During the year ended December 31, 2024, the Company identified a prolonged and significant loss of its investment in Vale, observing the variation in Vale's share price. Thus, in accordance with the requirements of IAS 28:41A to 41C/ CPC 18:41A to 41C, the Company performed the impairment test of its investment in Vale on December 31, 2024, recognizing a provision for impairment losses in the amount of R$4,</font><font style="line-height: inherit;">672</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">396</font><font style="line-height: inherit;">, as shown below:</font></font><font style="font-family: Arial; font-size: 11pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 78px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; text-align: justify; height: 10px;"><br></td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; text-align: justify; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;<font style="font-size: 8pt; line-height: inherit;"> Vale S.A.</font></font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; text-align: justify; height: 17px; width: 80%; background-color: #cceeff;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Quantity held by Cosan on December 31, 2024</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; text-align: right; width: 20%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,342,515</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; text-align: justify; height: 17px;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Recoverable value</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,112,136</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; text-align: justify; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Book value</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,784,532</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; text-align: justify; height: 17px;">
<p style="margin: 0pt; orphans: 0; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> Provision for impairment loss</font></p>














</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: middle; height: 17px; text-align: right;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,672,396)</font></p>














</td>














</tr>





























</table>








</div>
<div style="margin: 10pt 0pt; text-indent: 0pt;"><font style="font-size: 10pt; text-decoration-line: underline; line-height: inherit;">Assumptions for </font><font style="font-size: 10pt; text-decoration-line: underline; line-height: inherit;">the </font><font style="font-size: 10pt; text-decoration-line: underline; line-height: inherit;">impairment calculation</font>
<p style="margin: 6pt 0pt 10pt; line-height: 1.2; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The fair value of the investment on December 31, </font><font style="line-height: inherit;">2024</font><font style="line-height: inherit;"> for the recognition of the provision for impairment considers the share price adjusted by sales costs which are (</font><font style="line-height: inherit;">i</font><font style="line-height: inherit;">) discount rate, and </font><font style="line-height: inherit;">(ii) structuring fee, considering a sale via auction on B3 through the Book of Block Trade (&#8220;BBT&#8221;) operation.</font></font></p>
<div style="line-height: 1.2;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>100</font></font></td>




</tr>









</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>




</div>














</div>













</div><div style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<div style="margin: 6pt 0pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN10_2712025154547230" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10. INVESTMENT IN JOINT VENTURE</font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 475pt;">
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A joint venture is an agreement whereby the parties that have joint control of the agreement have rights to the net assets of the agreement.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has an investment in a joint venture shown in the statement of financial position as the share of net assets under the equity method of accounting, less any impairment losses. If applicable, adjustments are made to align any different accounting policies that may exist. The Company&#8217;s share of the results and shareholder&#8217;s equity of the joint venture is included in the statement of profit or loss and other comprehensive income statement of changes in equity, respectively. Unrealized gains and losses resulting from transactions between the Company and its joint venture are eliminated to the extent of the Company&#8217;s investment in the joint venture, except where unrealized losses provide evidence of an impairment of the transferred asset. Goodwill arising from the acquisition of joint venture is included as part of the Company&#8217;s investment in the joint venture and, when necessary, the carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount (whichever is higher between the value in use and fair value less costs of disposal) with its carrying amount.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The investment in joint venture is considered as non-current assets and are shown at cost less any impairment losses.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When an investment in a joint venture is classified as held for sale, it is accounted for in accordance with CPC 31/IFRS 5.</font></p>
















</td>
















</tr>

































</table>
<p style="text-align: justify; line-height: 1.2; margin: 10pt 0pt; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The movements in investment in jointly controlled entities in the parent company were as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ra&#237;zen S.A.</font></p>
















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="color: #0079aa; font-weight: bold;">Radar Gest&#227;o de Invest. S.A</font><font style="color: #0079aa; font-weight: bold;">.</font></font></p>
















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>
















</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 62%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shares issued by the joint ventures </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,352,509,484</font></p>
















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,800,000</font></p>
















</td>
<td style="vertical-align: middle; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shares held by Cosan</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">517,625,474</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,400,000</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan ownership interest</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.01%</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">50.00%</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 1pt;">
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Balance as of January 1, 202</font><font style="font-weight: bold;">4</font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,320,592</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8212;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,320,592</font></p>
















</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings of joint ventures</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(138,430)</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,731)</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(142,161)</font></p>
















</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Asset and liability valuation adjustments</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,897</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,897</font></p>
















</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,337</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,337</font></p>
















</td>













</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,593)</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(13,593)</font></p>
















</td>













</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,184,466</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,606</font></p>
















</td>
<td style="vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,193,072</font></p>
















</td>













</tr>






























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>101</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The movements in the investment in subsidiaries together in the consolidated were as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 264px;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 9pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Ra&#237;zen S.A.</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="color: #0079aa; font-weight: bold;">Terminal </font><font style="color: #0079aa; font-weight: bold;">Alvorada</font><font style="color: #0079aa; font-weight: bold;"> S.A</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="color: #0079aa; font-weight: bold;">Radar Gest&#227;o de Invest. S.A</font><font style="color: #0079aa; font-weight: bold;">.</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Total</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 49%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shares issued by the joint venture </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,352,509,484</font></p>
















</td>
<td style="vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">100,197,076</font></p>
















</td>
<td style="vertical-align: middle; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">24,800,000</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Shares held by Cosan</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,557,597,117</font></p>
















</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">50,098,538</font></p>
















</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,400,000</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan ownership interest</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.01%</font></p>
















</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">50.00%</font></p>
















</td>
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">50.00%</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Percentage of indirect</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp; &nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">interest</font><font style="font-family: 'times new roman', times; font-size: 10pt;"> (</font>Cosan Nove<font style="font-family: 'times new roman', times; font-size: 10pt;">)</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25.86%</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 14px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Total&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">30.87%</font></p>
















</td>
<td style="vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">50.00%</font></p>
















</td>
<td style="vertical-align: middle; height: 14px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 14px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">50.00%</font></p>
















</td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11,221,356</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11,221,356</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings of joint ventures </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,694,679</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,266</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,695,945</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Asset and liability valuation adjustment</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,428)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,428)</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,300</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">47,300</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,214,731)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,214,731)</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11,693,876</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">48,566</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">11,742,442</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest in earnings of joint ventures</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,218,804)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,445)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,731)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,229,980)</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Asset and liability valuation adjustments</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">139,892</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">139,892</font></p>
















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Capital increase&nbsp;<font style="font-size: 8pt;"><sup>(ii)</sup></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,337</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,337</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(119,647)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(119,647)</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10,495,317</font></p>
















</td>
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">41,121</font></p>
















</td>
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,606</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10,545,044</font></p>
















</td>













</tr>






























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>102</font></font></td>













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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Ra&#237;zen S.A</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">.</font></font></p>
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<tr>
<td style="width: 5%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%; text-align: justify;">The Company's total interest in Ra&#237;zen S.A. is made up of 5.01% direct interest and 39.09% indirect interest through Cosan Nove. The disclosed percentage of 25.86% refers to the economic benefit calculated by the result of Cosan S.A.'s participation in its subsidiary Cosan Nove of 66.16% multiplied by the interest of 39.09%. For the Company's consolidated information, direct and indirect interests are added together and the impact relating to the interest of non-controlling shareholders in Cosan Nove is shown in the result line attributed to non-controlling shareholders.</td>














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</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The joint venture&#8217;s statement of financial position and statement of profit or loss are disclosed in the explanatory note 4 - Information by segment.</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 10pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> As of December 31, 2024, the Company was in compliance with the covenants of the agreement governing the joint venture.</font></p>













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<p style="font-size: 11pt; line-height: 1.2; margin: 10pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Radar Gest&#227;o de Investimentos S.A.</font></p>
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<td style="width: 5%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%; text-align: justify;">Throughout the year of 2024, the Company contributed R$12,337 for the formation of the Radar Gest&#227;o de Invest join venture. S.A. with Nuveen Natural Capital Latam Gestora de Ativos Ltda, whose objective is the management and administration of real estate property in the Radar segment.</td>














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<div style="margin: 10pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11_271202515463181" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11_27120251546929" class="customBookmark"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">11.&nbsp; PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE,</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> ASSETS </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">AND GOODWILL, CONTRACT</font> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">ASSETS, RIGHT-OFF-USE AND INVESTMENT PROPERTIES</font></a></div>
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<td style="background-color: #ededed; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Reduction to recoverable amount</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The recoverable amount is determined through value in use calculations, using the discounted cash flow determined by Management based on budgets that take into account the assumptions related to each business, using information available in the market and past performance. Discounted cash flows were prepared over a ten-year period and carried forward in perpetuity without considering an actual growth rate. Management understands the use of periods greater than five years in the preparation of discounted cash flows is appropriate for the purpose of calculating the recoverable amount, because it reflects the estimated time of use of the asset and of the business groups.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company reviews impairment indicators for intangible assets with defined useful lives and fixed assets on an annual basis. In addition, goodwill and intangible assets with an indefinite useful life are subjected to an impairment test. An impairment occurs when the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, which is the greater of its fair value less costs to sell and its value in use.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The assumptions used in discounted cash flow projections - estimates of future business performance, cash generation, long-term growth, and discount rates - are utilized in our assessment of impairment of assets as of the date of the financial position. No plausible change to central assumptions would be harmful. The primary assumptions used to determine the recoverable value of the various cash-generating units to which goodwill is allocated are described in the following section.</font></p>
















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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>103</font></font></td>













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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 10pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11A_2712025154630588" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11.1. PROPERTY, PLANT AND EQUIPMENT</font></a></div>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy: </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="background-color: #f2f2f2; margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Identification and evaluation</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Cost, less accumulated depreciation and any accumulated impairment losses is used to value Property, Plant and Equipment.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Subsequent expenditures are only capitalized when it is probable that the associated future economic benefits will accrue to the company. Ongoing repairs and maintenance expenses are recorded as they are incurred.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciated from the date of availability for use or, for constructed assets, from the date of completion and readiness for use.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unless it is capitalized as part of the cost of another asset, depreciation is calculated on the book value of Property, Plant and Equipment less estimated residual values using the straight-line method over its estimated useful life and recognized in profit or loss. Land is not depreciated.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Methods of depreciation, such as useful lives and residual values, are reviewed at the end of each fiscal year or when there is a significant change without an expected consumption pattern, such as a relevant incident or technical obsolescence. If applicable, any adjustments are recorded as changes to accounting estimates.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.4pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:</font></p>
















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<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.58959%; height: 23px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Buildings and improvements</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4% - 5%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 6%; height: 23px;"><br></td>













</tr>
<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Machinery equipment and installations</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">8% - 11%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













</tr>
<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Furniture and fixtures</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10% - 15%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













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<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Wagons</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2.9% - 6%</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













</tr>
<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Locomotives</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.3% - 8%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













</tr>
<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Permanent ways</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3% - 4%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IT equipment</font></p>
















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">20%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 6%;"><br></td>













</tr>
<tr style="height: 23px;">
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 7.58959%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 76.4104%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-align: justify; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 10%;">
<p style="font-size: 11pt; line-height: 150%; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10% - 20%</font></p>
















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 23px; width: 6%;"><br></td>













</tr>






























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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; line-height: inherit;" class="pageno"><font class='pageno'>104</font></font></td>













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<div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Reconciliation </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">of carrying amount:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 586px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td colspan="13" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>
















</td>













</tr>
<tr style="height: 42px;">
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Land,&nbsp;buildings and improvements</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Machines, equipment&nbsp;and installations</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Wagons and </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times;"><font style="color: #0078ab; font-size: 8pt; font-weight: bold; line-height: inherit;">locomotives&nbsp;<sup>(i)</sup></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Permanent </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">railways</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Construction in progress</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other assets</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>
<td style="vertical-align: bottom; height: 42px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 42px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 29%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">135</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">403</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">942</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">798</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">7</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">994</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">336</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">10</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">416</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">500</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">315</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">087</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">720</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">953</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">27</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">525</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">077</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 8%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">82</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">094</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">11</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">356</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">18</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">671</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">898</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">710</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">577</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">377</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">15</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">497</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">624</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">509</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">380</font></font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(199</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">080)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(34</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">872)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(118</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">414)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(116</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">957)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(2</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">157)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(16</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">961)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(488</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">441)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">281</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">621</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">196</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">158</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">821</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">701</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">2</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">552</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">077</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">710</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">146)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">33</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">451</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">174</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">862</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28)</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(11</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">626)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(23</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">492)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">944</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(13</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">668)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(46</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">842)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(89)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(396</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">150)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(535)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(396</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">774)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">217</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">585</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">099</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">263</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">698</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">521</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">12</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">852</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">330</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">785</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">955</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">738</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">737</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">31</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">392</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">391</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">83</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">446</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">5</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">626</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">787</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">673</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">050</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">657</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">687</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">120</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">7</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">523</font></font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(9</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">310)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(81</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">099)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(519</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">465)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">209,845</font><font style="line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(11</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">116)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(46</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">538)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">877,373</font><font style="line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(24)</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(ii)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">299</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">824</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">823</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">557</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">997</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">886</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">171</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">698</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">371</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">472)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">48</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">655</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(29</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">852)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16)</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Impairmen</font><font style="line-height: inherit;">t</font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">155)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">155)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">54</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">373</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">101</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">257</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">10</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">534</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">67</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">187</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">233</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">351</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">568</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">098</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">946</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">765</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">9</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">176</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">942</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,814,183</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">7</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">080</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">796</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">812</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">698</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">37</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">399,482</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">90</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">929</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Depreciation </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(522</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">048)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(749</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">237)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">357</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">319)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">762</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">623)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(13</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">379)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(172</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">035)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">576</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">641)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(36</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">050)</font></font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(76</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">599)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(183</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">965)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(613</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">033)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(806</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">398)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(74</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">695)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">754</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">690)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(7</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">579)</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(49</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">649)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">5</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">476</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">838)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(31</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">199)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(82</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">255)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">17</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">769</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">14</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">870</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">110</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">237</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">89</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">725</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">15</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">192</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">247</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">793</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">536</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">684</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">775</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">11</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">995</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">937</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">404</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">381</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(626</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">951)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(907</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">235)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(3</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">866</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">953)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">510</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">495)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(13</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">379)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(227</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">404)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(10</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">152</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">417)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(43</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">629)</font></font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(57</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">606)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(222</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">846)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(627</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">303)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(938</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">312)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(66</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">861)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">912</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">928)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(8</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">269)</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">041</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">73</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">206</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">457</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">597</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">5</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">099</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">37</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">199</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">577,142</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(ii)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">5</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">401</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(6</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">881)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(23</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">170)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">2</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">182</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(22</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">468)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(15</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">028)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(41</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">044)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(35</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">840)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(91</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">912)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(213</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">621)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(891</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">604)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">1,267,439</font><font style="line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(401</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">513)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(3</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">706)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">(</font><font style="line-height: inherit;">2,777,883</font><font style="line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(690</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">143)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">318</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">421)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">951</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">433)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(6</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">711,147</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(414</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">892)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(294</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">430)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(14</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">380,466</font><font style="font-weight: bold; line-height: inherit;">)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">(51</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">891)</font></font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">590</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">634</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">192</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">028</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">831</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">568</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">341</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">835</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">772</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">576</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">511</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">333</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">21</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">239</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">974</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">39</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">817</font></font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">877</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">955</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">2</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">628</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">344</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">225</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">509</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">7</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">103</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">036</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">6</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">665</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">904</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">518</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">268</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">23</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">019</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">016</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">39</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">038</font></font></p>
















</td>













</tr>






























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; text-align: center; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%;">On December 31, 2024, assets, mainly wagons and locomotives, at a cost of R$1,390,404 (R$1,390,404 on December 31, 2023), were pledged as collateral to secure bank loans.</td>













</tr>
<tr>
<td style="text-align: center; vertical-align: top;" valign="top">(ii)</td>
<td>Transfers from property, plant and equipment because of the capitalization and other reclassifications of these assets.</td>













</tr>



























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>105</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>















</div>
<div>
<p style="margin: 10pt 0pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">&nbsp; Capitalization of borrowing costs</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In the year ended December 31, 2024, the borrowing costs capitalized by the subsidiary Rumo were R$95,138 at an average rate of 11.80% (R$41,304 and 12.30% p.a. on December 31, 2023), while in the indirect subsidiary TRSP the capitalized costs were R$39,617 at a weighted average rate of 7.36% p.a. (R$98,214 and 8.87% p.a. in the </font><font style="line-height: inherit;">year</font><font style="line-height: inherit;"> December 31, 2023).</font></font></p>
<p style="margin: 6pt 0pt 6pt 45.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Provision for write-off of assets and impairment loss of indirect subsidiary Rumo Malha Sul</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As mentioned in Note 2, the subsidiary Rumo identified the residual value of the assets with traffic directly interrupted by the weather events and provisioned the amount of R$182,041, considering that the assets were destroyed or their use was made impossible for an indefinite period.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The extent of the damage raises uncertainties about the process of renewing the concession, which initially expires in February 2027, although Rumo continues to make its best efforts in this regard.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In this context, in the quarter ended June 30, 2024 and in accordance with Circular Letter No. 01/2024-CVM/SNC/SEP, Management identified the existence of indications that led it to perform the recoverability test of the non-current assets (property, plant and equipment, intangibles and rights of use) of the cash generating unit (&#8220;CGU&#8221;) of </font><font style="line-height: inherit;">Rumo's</font><font style="line-height: inherit;"> subsidiary, </font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;"> Malha Sul, considering the event described above and the term of use of the assets.</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At the time, the value in use of the cash-generating unit was estimated at R$980,352, lower than the book value of its fixed assets, intangibles and rights of use, and a provision for impairment was set up.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On December 31, 2024, the indicators identified were still present. The company carried out a new test, with the value in use estimated at R$633,943 and the provision increased by R$465,364.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The provisions for impairment realized in the year, in the amount of R$2,967,203, were allocated as follows: R$2,777,884 in Property, plant and equipment, R$4,435 in Intangible assets (note 11.2) and R$184,884 in Right of use (note 11.4).</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">T</font><font style="line-height: inherit;">he recoverable value of the unit was determined based on its value in use, obtained by discounted cash flow, based on updated projections approved by management. The main assumptions were:</font></font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Projection period</font><font style="line-height: inherit;">: until February 2027.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="font-weight: bold;">Sales volume:</font> a fall of </font><font style="line-height: inherit;">0.1% (</font><font style="line-height: inherit;">2.1%</font><font style="line-height: inherit;"> on June 30, 20</font><font style="line-height: inherit;">2</font><font style="line-height: inherit;">4)</font><font style="line-height: inherit;"> in the indirect subsidiary Malha Sul in 2025, followed by annual growth of 0.9% over the rest of the period, based on management's expectations for market development.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Selling </font><font style="font-weight: bold; line-height: inherit;">price:</font> <font style="line-height: inherit;">considers a 4% drop in the annual average in 2025 (growth of 3.1% on June 30, 2024), followed by growth in 2026 based on current trends in the sector and includes inflation forecasts for Brazil.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Variable costs and maintenance:</font><font style="line-height: inherit;"> included according to history and without capacity increases.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Projected investments:</font><font style="line-height: inherit;"> refer to the maintenance of the Concession and are based on the historical experience of the management of the subsidiary Rumo. Investments do not include capacity increases. No incremental revenue or </font><font style="line-height: inherit;">cost savings were considered in the value-in-use model </font><font style="line-height: inherit;">as a result of</font><font style="line-height: inherit;"> this expenditure.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 70.61pt; orphans: 0; padding-left: 7.94pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;"><font style="font-weight: bold;">Nominal discount rate</font> of 11.</font><font style="line-height: inherit;">43</font><font style="line-height: inherit;">%,</font><font style="line-height: inherit;"> (11.22% on June 30,2024),</font><font style="line-height: inherit;"> estimated by the weighted average cost of capital.</font></font></li>
















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<p style="margin: 2pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="margin: 3pt 0pt 0pt 14.2pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11B_2712025154645758" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">11.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">2. INTANGIBLE ASSETS AND GOODWILL</font></font></a></div>
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<p style="margin: 6pt 0pt 5pt 14.2pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Goodwill</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill is initially recognized in accordance with the accounting policy for business combinations (see Note 9.2). Its value is determined by deducting accumulated impairment losses from its cost.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill acquired in a business combination is assigned to the Company's CGUs or groups of CGUs that are anticipated to benefit from the synergies created by the business combination.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Other intangible assets</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other acquired intangible assets with a short useful life are measured at cost, less accumulated amortization and any accumulated impairment losses.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Customer relationships</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Costs incurred in developing gas systems for new customers (including pipelines, valves, and other equipment) are considered intangible assets and amortized over the contract's term.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The costs associated with the customer portfolio and right-of-use and operation contracts are considered as intangible assets and amortized over the contract's term.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Concession rights</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Some subsidiaries of the Cosan group have public concession contracts for the gas distribution service in which the Granting Authority controls which services will be provided and the price, in addition to holding significant participation in the infrastructure at the end of the concession. These concession contracts represent the right to charge users for gas supply during the contract term. Thus, the subsidiaries recognize this right as an intangible.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The assets acquired or constructed underlying the concession necessary for the distribution of </font><font style="line-height: inherit;">gas</font><font style="line-height: inherit;"> are amortized to correspond to the period in which the future economic benefits of the asset are expected to be reverted to the subsidiaries, or the final term of the concession, whatever happens first. This period reflects the economic life of each of the underlying assets that make up the concession. This economic service life is also used by regulatory bodies to determine the basis of measurement of the tariff for the provision of the services object of the concession.</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amortization is recognized by the linear method and reflects the expected standard for the use of future economic benefits, which corresponds to the useful life of the assets that make up the infrastructure according to the provisions of the regulatory body.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amortization of assets is discontinued when the respective asset is used or downloaded in full and is no longer included in the basis of calculation of the tariff for the provision of concession services, whichever occurs first.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">e)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Railway concession rights</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Railway concession rights were fully allocated to the Rumo Malha Norte concession and amortized in a straight-line basis.</font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">f)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Port authorization and license</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The license that authorizes the installation of a private port terminal, with no expiration date </font><font style="line-height: inherit;">as long as</font><font style="line-height: inherit;"> the property is used for this purpose.</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">g)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Contract of supply</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amortization of biogas supply contracts is related to the term of each contract and is conditional on the start of operations.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">h)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Subsequent expenses</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Subsequent expenses are capitalized only if they increase the future economic benefits embodied in the particular asset to which they pertain. All other expenses are recorded in profit or </font><font style="line-height: inherit;">loss</font><font style="line-height: inherit;"> as incurred.</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">i)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Amortization</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Except for goodwill and intangible assets with indefinite useful life, intangible assets are amortized using a straight-line method over their estimated useful lives, beginning on the date they are acquired or made available for use.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">j)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Assets with an indefinite useful life</font></font></p>
<p style="margin: 5pt 0pt 5pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Intangible assets with an indefinite useful life are not </font><font style="line-height: inherit;">amortized, but</font><font style="line-height: inherit;"> are tested annually for impairment losses. This sub-group is made up of goodwill and trademarks and patents. The Company expects these brands and patents to generate positive cash flows for as long as the Company retains ownership, contributing indefinitely to its cash flows since they are consolidated brands in the markets in which they are present.</font></font></p>
<p style="margin: 5pt 0pt 0pt; text-align: justify; text-indent: 42.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">At each reporting date, the depreciation methods, useful lives, and residual values are evaluated and adjusted as necessary.</font></p>
















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<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>
















</td>













</tr>
<tr style="height: 12px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 12px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Goodwill</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Concession right</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Licenses</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Brands&nbsp;and </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">patents</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Customer </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">relationships</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Supply Agreement</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 12px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 29%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,460,072</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,899,744</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">500,093</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">163,923</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,827,984</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">559,658</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,411,474</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 7%; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16,906</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,731</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">121,806</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">67,600</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">194,137</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,422</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,272)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(64)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,075)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(64,411)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,460,012</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">183,996</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(219,318)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,067</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,438,757</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(42,012)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,451)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,443)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(97,642)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,315</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(147,233)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(30,817)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(436,594)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,819)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,060)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(486,290)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,875</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">582,238</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1,391,974</font></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; text-align: right; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">24,297,484</font></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">243,044</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">155,480</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,630,947</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">635,380</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">29,928,672</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,356</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,088</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,146</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,575</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,809</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,485</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(141,588)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(81)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,814)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(147,483)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,824</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,296,505</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,249</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,313</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,324,891</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,431,644</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,235)</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17)</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,662</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,470,054</font></p>
















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">185,223</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,500</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">28,403</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">39,341</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">341,454</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,940</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">631,861</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,585,021</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">28,907,633</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">268,212</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">196,070</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,078,762</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">787,743</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">35,397,804</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26,857</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amortization</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(4,652,963)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(19,194)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,201)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,170,494)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(437,680)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,289,532)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(14,659)</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(861,103)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,969)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(196,995)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(28,436)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,093,503)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(834)</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,148</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">71</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,221</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(37,209)</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">75,265</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,873</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">57,929</font></p>
















</td>
<td style="vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">156</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,453</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,526</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,135</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Assets held for sale</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,213</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,152</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> &#8212; </font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,365</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; text-align: right; height: 17px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8212;</font></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(5,476,918)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(63,216)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,201)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,288,556)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(440,494)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,278,385)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(15,493)</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(960,471)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,978)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(364,926)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(44,359)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,376,734)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,491)</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,433</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">659</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">88,092</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(391,372)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,264</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(388,108)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(762)</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(762)</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,500)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(9,674)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(82,913)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,597)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(106,684)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,438)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,438)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(6,752,828)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(79,868)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,201)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,736,395)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(488,727)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,067,019)</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(16,984)</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,391,974</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,820,566</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">179,828</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">146,279</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,342,391</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">194,886</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,650,287</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,863</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,585,021</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,154,805</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">188,344</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">186,869</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,342,367</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">299,016</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">26,330,785</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,873</font></p>
















</td>













</tr>






























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top;" valign="top">&nbsp;(i)</td>
<td style="width: 95%;">The number of transfers also includes a portion of R$152,137 of intangible assets that was reclassified to financial assets (R$103,084, fiscal year ended December 31, 2023). Additionally, it includes the amount of R$4,660 transferred from fixed assets.</td>













</tr>



























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>108</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div style="line-height: 1.2;">
<p style="margin: 10pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Amortization methods and useful lives:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 503px;" width="100%">

<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Intangible assets (except goodwill)</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Annual amortization rate</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 59%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Concession rights:</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 14%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Compass&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 3.54% to 4.58%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,762,227</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,307,964</font></p>
















</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Rumo&nbsp;<font style="font-size: 8pt;"><sup>(ii)</sup></font></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.59%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,392,578</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,512,602</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,154,805</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,820,566</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Licenses and authorizations</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Port operation license</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3.70%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,375</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,610</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Moove</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.00%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,969</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">132,218</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">188,344</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">179,828</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Brands and patents:</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Comma</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Indefinity</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,255</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">47,015</font></p>
















</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Petrochoice</font>&nbsp;<font style="font-size: 8pt;"><sup>(iii)</sup></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Indefinity</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">125,175</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,826</font></p>
















</td>













</tr>
<tr style="height: 17px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Tirreno</font>&nbsp;<font style="font-size: 8pt;"><sup>(iii)</sup></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Indefinity</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,439</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,438</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">186,869</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">146,279</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Customers relationship</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">234,533</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">280,111</font></p>
















</td>













</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Moove</font>&nbsp;<font style="font-size: 8pt;"><sup>(iii)</sup></font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5% to 30%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,107,834</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,062,280</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,342,367</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,342,391</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Contract of supply</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compass</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5.00%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">574,363</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">574,363</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Other</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Software license</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">220,084</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">90,162</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding: 0px 2px 0px 14px; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20.00%</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78,932</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,724</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">299,016</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">194,886</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;"><br></td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">24,745,764</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">21,258,313</font></p>
















</td>













</tr>






























</table>
<p style="margin: 10pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The Company's intangible assets are composed of</font><font style="line-height: inherit;">:</font></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; height: 45px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 15px;">
<td style="width: 5%; height: 15px; text-align: center; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%; height: 15px;"><font style="text-decoration: underline;"><font style="font-weight: bold;">Gas Distribution Concession Right:</font></font> Intangible asset of the public gas distribution service concession, which represents the right to charge users for the supply of gas, composed of: (a) the concession rights recognized in the business combination and (b) the concession assets;</td>













</tr>
<tr style="height: 15px;">
<td style="height: 15px; text-align: center; width: 5%; vertical-align: top;" valign="top">(ii)</td>
<td style="height: 15px; width: 95%;"><font style="text-decoration: underline;"><font style="font-weight: bold;">Railway Concession Right:</font></font> Referring to Rumo's railway concession contract. The amount will be amortized until the end of the concession in 2079;</td>













</tr>
<tr style="height: 15px;">
<td style="height: 15px; text-align: center; width: 5%; vertical-align: top;" valign="top">(iii)</td>
<td style="height: 15px; width: 95%;"><font style="text-decoration: underline;"><font style="font-weight: bold;">Authorization:</font></font> Authorization for: (a) lubrication and contamination control solutions, (b) production and sale of lubricating oils, additives and fluids.</td>













</tr>



























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>109</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Goodwill paid for expected future profitability and intangibles with an indefinite useful life </font></font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Below we show the carrying amount of goodwill and intangible assets with indefinite useful lives allocated to each of the cash generating units:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 91px;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Goodwill</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Brands and patents</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Goodwill</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Brands and patents</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 56%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">UGC </font><font style="line-height: inherit;">Moove</font></font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,447,300</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">186,869</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,254,253</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 10%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146,279</font></p>
















</td>













</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">UGC Compass</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100,192</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100,192</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">UGC Rumo</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,529</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">37,529</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>













</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,585,021</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">186,869</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,391,974</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">146,279</font></p>
















</td>













</tr>






























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In general, future cash flow projections for the Company assume growth rates of 3.55% (3.50% on December 31, 2023), which are neither higher nor greater than the long-term average growth rates for the sector and </font><font style="line-height: inherit;">country in particular</font><font style="line-height: inherit;">.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">To determine the present value of cash flows, a pre-tax discount rate is utilized. Before taxes and in nominal terms, discount rates ranged between 10.90% and 13.43% (between 11.80% and 12.40% on December 31, 2023).</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main assumptions for the first part of the financial model consider inflation and GDP by region where the CGU is located, plus the Cosan Group's strategies and market opportunities. For the remaining years of the model, the main assumptions relate to inflation and market expansion. The discount rate used is the weighted average cost of capital, or &#8220;WACC&#8221;, for which the main assumptions are risk-free rate (return rate of an investment without risk of loss), market risk premium (excess return earned by an investment in the stock market at a risk-free rate) and inflation. Most assumptions are obtained from external sources of information.</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Future cash flows were constructed considering the following factors: (</font><font style="line-height: inherit;">i</font><font style="line-height: inherit;">) EBITDA for the cash-generating unit, adjusted for other relevant operating cash items and recurring capital expenditures; (ii) the Cosan Group discount rate (WACC) before taxes; and (iii) a growth rate calculated using the inflation index by region.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The annual impairment test utilized the following assumptions:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Premises</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">% Yearly</font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 87%; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Risk-free rate (T-Note 10y)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; width: 12%; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">76%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflation (BR)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">81%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflation (US)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">2</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">18%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inflation (UK)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">90%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Country risk premium (BR)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">3</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">34%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Country risk premium (UK)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">0</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">80%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Country risk premium (ARG)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">16</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">01%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Market risk premium</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">4</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">00%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax rate (BR)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">34</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">00%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax rate (UK)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">25</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">00%</font></font></p>
















</td>
















</tr>
<tr style="height: 14.15pt; background-color: #cceeff;">
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax rate (ARG)</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 3.5pt; padding-right: 3.5pt; vertical-align: top; background-color: #cceeff;">
<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: right;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="line-height: inherit;">35</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">00%</font></font></p>
















</td>
















</tr>

































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>110</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>













</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 10pt 0pt 6pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Determining the recoverability of assets depends on certain key assumptions that are influenced by the market, technological, and economic conditions prevailing at the time this recovery is tested; therefore, it is not possible to predict whether there will be future losses due to a reduction in recoverability and, if so, whether they would be material.</font></p>
<p style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Except for the provisions presented in Notes 9.4.b and 11.1.c, the Company did not identify any additional indicators of impairment</font> <font style="line-height: inherit;">during the year ended December 31, 2024</font><font style="line-height: inherit;">, so no impairment test was required for </font><font style="line-height: inherit;">property, plant and equipment, right-of-use</font><font style="line-height: inherit;"> and intangible assets with defined useful lives.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"> <br></p>
<div style="margin: 0pt 0pt 0pt 14.2pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11C_271202515470356" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11.3. CONTRACT ASSET</font></a></div>
<p style="margin: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: Arial; font-size: 12pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Contract assets are measured based on their acquisition cost, which includes capitalized borrowing costs. The depreciable amounts in the concession contract are transferred to intangible assets when the assets are put into operation. The indirect affiliate </font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;"> reassesses the useful life, and whenever this assessment reveals that the amortization period will exceed the term of the concession agreement, a portion of the asset is converted into a financial asset because it represents a receivable from the granting authority. This classification follows IFRIC 12 - Concession Agreements.</font></font></p>
















</td>
















</tr>

































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 167px;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Compass</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Moove</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 62%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,110,335</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,380</font></p>
















</td>
<td style="vertical-align: bottom; width: 1%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,118,715</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,494,142</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,952</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,528,094</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(31,648)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(31,648)</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,563,056)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,563,056)</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">041</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">421</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">10</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">684</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">052</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">105</font></font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">602</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">284</font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">16</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">564</font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">618</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">848</font></font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,650)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,881)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(27,531)</font></p>
















</td>












</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">585</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">219)</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">(1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">585</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">219)</font></font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">56</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">627</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">56</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">627</font></font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">110</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">463</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">4</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">367</font></font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">114</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">830</font></font></p>
















</td>












</tr>





























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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
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<tr>
<td style="width: 5%; text-align: center;">(i)</td>
<td style="width: 95%;">The amount of the transfers also includes a portion of the intangible asset that was reclassified as a financial asset.</td>












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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>111</font></font></td>












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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 10pt 0pt 10pt 14.2pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">During the </font><font style="line-height: inherit;">year</font><font style="line-height: inherit;"> ended December 31, 2024, through its subsidiaries, R$127,399</font><font style="line-height: inherit;">&nbsp;was added related to the capitalization of internally generated labor (R$126,522 in the year ended December 31, 2023), through the capitalization of labor</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Capitalization of borrowing costs</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">During the year ended December 31, 2024, the indirect subsidiary </font><font style="line-height: inherit;">Comg&#225;s</font><font style="line-height: inherit;"> capitalized R$78,980 at a weighted average rate of 10.47% p.a. (R$82,441 at 12.70% p.a. in the year ended December 31, 2023).</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">During the year ended December 31, 2024, the indirect subsidiary </font><font style="line-height: inherit;">Sulg&#225;s</font><font style="line-height: inherit;"> capitalized R$2,908 at a weighted average rate of 5.81% p.a. (R$973 at 5.81% p.a. in the year ended December 31, 2023).</font></font></p>
<div style="margin: 10pt 0pt 6pt 14.2pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11D_2712025154747365" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11.4 RIGHT-OF-USE ASSETS</font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<td style="background-color: #e7e6e6; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 450.15pt;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The right-of-use asset is initially measured at cost, which includes</font><font style="line-height: inherit;">:</font></font></p>
<ul style="padding-left: 0px;">
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 0pt 63.51pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the initial measurement value of the lease liability, adjusted for any lease payments made up to the commencement </font><font style="line-height: inherit;">date</font><font style="line-height: inherit;">;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 63.51pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">any initial direct costs incurred by the </font><font style="line-height: inherit;">lessee</font><font style="line-height: inherit;">;</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 63.51pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">an estimate of the costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site where it is located, or restoring the underlying asset to the condition required by the terms and conditions of the </font><font style="line-height: inherit;">lease</font><font style="line-height: inherit;">;</font> </font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 6pt 63.51pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">less any lease incentives received</font><font style="line-height: inherit;">.</font></font></li>
















</ul>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The right-of-use asset is then depreciated on a straight-line basis from the date of commencement until the end of the lease term, unless the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, or if the cost of the lease right-of-use asset reflects the likelihood that the lessee will exercise the purchase option. In this instance, the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined in the same manner as property, plant, and equipment. In addition, the right-of-use asset is periodically adjusted for certain remeasurements of the lease liability and impairment losses, if any.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">The subsidiary Rumo evaluated its railway concessions within the scope of the interpretation IFRIC 12 / CPC 01 Concession Contracts and, </font><font style="line-height: inherit;">since</font><font style="line-height: inherit;"> it did not meet the terms of this interpretation, re</font><font style="line-height: inherit;">cognizes</font><font style="line-height: inherit;"> its concession contracts as </font><font style="line-height: inherit;">a </font><font style="line-height: inherit;">right of use</font><font style="line-height: inherit;"> asset</font><font style="line-height: inherit;">.</font></font></p>
















</td>
















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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>112</font></font></td>












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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>












</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>















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<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 499px;" width="100%">

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<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td colspan="15" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent company</font></p>
















</td>












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<tr style="height: 47px;">
<td style="vertical-align: bottom; height: 47px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Land,&nbsp;buildings and improvements</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Machine, </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">equipment, and </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">installations</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Wagons&nbsp;and </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">locomotives</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Software</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Vehicles</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Floating storage and regasification</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Railway and port </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">infrastructure</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>
<td style="vertical-align: bottom; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 47px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>
















</td>












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<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; width: 29%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Cost</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 15px; width: 7%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">453,718</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">268,470</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">943,096</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">85,949</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">34,743</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,961,141</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,747,117</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">37,901</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">81,911</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">233,155</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,541</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,533,969</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">45,271</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,919,847</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contractual readjustments</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,917</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,426</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">332</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,257</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">117,932</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,754</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,110)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,084)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,384)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,578)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,742</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,742</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,347)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,589)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(120)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,056)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">517,089</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">521,120</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">943,428</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">85,949</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">60,164</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,533,969</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,096,285</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">11,758,004</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">42,655</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,516</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,354</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,420</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98,445</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,465</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">801,375</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,081,575</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,414</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Contractual readjustments</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,928</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">298</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,412</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,771</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,927</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98,356</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,196)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(550)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(190)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,936)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Business combination&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">21,531</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,626</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,157</font></p>
















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,156</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,992</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,632</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">84,780</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">646,024</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">589,214</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">957,260</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">87,720</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">176,697</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,594,434</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,980,587</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">13,031,936</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">44,079</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amortization </font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(125,497)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(108,651)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(434,208)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(20,974)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(21,723)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,023,195)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,734,248)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(14,869)</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(74,850)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(47,435)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(34,347)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,380)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,128)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(38,349)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(320,280)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(532,769)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,586)</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,166</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,151</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,317</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,913</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,187</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,214</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(187,268)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(146,748)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(468,555)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(25,354)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(34,737)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(38,349)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,343,475)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(2,244,486)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(20,455)</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107,047)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(59,510)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(33,829)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,499)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(17,581)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(78,030)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(308,047)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(608,543)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,067)</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,610</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">247</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,761)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,872</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,968</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange differences</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(25,523)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,616)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,473)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(32,612)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="line-height: inherit;">Business combination&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,902)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(726)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,628)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Impairment</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(184,884)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(184,884)</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(321,130)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(209,627)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(505,145)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(29,853)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(54,645)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(116,379)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,836,406)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,073,185)</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(26,522)</font></p>
















</td>












</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; line-height: inherit;">Balance as of </font><font style="font-weight: bold; line-height: inherit;">December 31</font><font style="font-weight: bold; line-height: inherit;">, 2023</font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">329,821</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">374,372</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">474,873</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">60,595</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">25,427</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,495,620</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,752,810</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,513,518</font></p>
















</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,200</font></p>
















</td>












</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">324,894</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">379,587</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">452,115</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">57,867</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">122,052</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,478,055</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,144,181</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,958,751</font></p>
















</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; height: 15px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">17,557</font></p>
















</td>












</tr>





























</table>
<p style="margin: 0pt; text-align: justify; line-height: 5pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; text-align: center;">(i)</td>
<td style="width: 95%;">Right-of-use amounts identified in the acquisition of Compagas, see note 9.2.</td>












</tr>

























</table>
<p style="margin: 0pt; text-align: justify; line-height: 5pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 5pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>113</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>











</div>
<p style="margin: 10pt 0pt 0pt; text-align: right; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<div style="margin: 10pt 0pt 6pt 28.4pt; text-align: justify; text-indent: -14.2pt; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BN11E_2712025154756813" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">11.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">5</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">. INVESTMENT PROPERTIES</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.6pt;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Investment properties are initially </font><font style="line-height: inherit;">value</font><font style="line-height: inherit;"> at cost, including transaction costs. Upon initial recognition, investment properties are measured at fair value, which reflects market conditions at the </font><font style="line-height: inherit;">reporting date</font><font style="line-height: inherit;">, with changes recorded in the&nbsp; statement</font><font style="line-height: inherit;"> of profit or loss</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">Revenue from the sale of agricultural properties is recognized in </font><font style="line-height: inherit;">profit or loss </font><font style="line-height: inherit;">only when the following conditions are met</font><font style="line-height: inherit;">:</font></font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: times new roman; font-size: 10pt; margin: 6pt 0pt 0pt 58.45pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the sale is </font><font style="line-height: inherit;">complete</font><font style="line-height: inherit;">;</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 0pt 0pt 0pt 58.45pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the Company determines that payment by the buyer is </font><font style="line-height: inherit;">probable</font><font style="line-height: inherit;">;</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 0pt 0pt 0pt 58.45pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the revenue can be reliably measured</font><font style="line-height: inherit;">;</font><font style="line-height: inherit;"> and</font></font></li>
<li style="font-family: times new roman; font-size: 10pt; margin: 0pt 0pt 6pt 58.45pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> Company has transferred all risks associated with the property to the buyer and no longer has any involvement with the property.</font></font></li>
















</ol>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">The gains from the sale of agricultural properties are reported as net income on the statement</font><font style="line-height: inherit;"> of profit or loss</font><font style="line-height: inherit;">, while the costs are reported as cost of properties sold.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The fair value of agricultural properties was determined using the direct comparative method of market data applied to transactions involving comparable properties (type, location, and quality of property) and, to a lesser extent, using sales quotes for potential transactions involving comparable assets (level 3).</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="line-height: inherit;">In accordance with the standards issued by the Brazilian Association of Technical Standards (</font><font style="line-height: inherit;">Associa&#231;&#227;o</font><font style="line-height: inherit;"> Brasileira de Normas </font><font style="line-height: inherit;">T&#233;cnicas</font><font style="line-height: inherit;"> &#8211; &#8220;ABNT&#8221;), the methodology used to determine fair value takes into account direct comparisons of market information, such as market research, homogenization of values, spot market prices, sales, distances, facilities, access to land, topography and soil, use of land (type of crop), and rainfall, among other data.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">As of December 31, 2024, discount rates range between 6.06% p.a. and 10.40% p.a. (11.12% p.a. and 11.20% p.a. as of December 31, 2023).</font></p>
<p style="margin: 6pt 0pt 10pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The portfolio is evaluated annually by external specialists and periodically by internal professionals who are technically qualified to conduct this type of evaluation.</font></p>
















</td>
















</tr>

































</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investment properties</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 85%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 15%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,103,060</font></p>
















</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in the fair value of investment properties</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,259,924</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">58,506</font></p>
















</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfers</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(444,782)</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write off</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(582)</font></p>
















</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,976,126</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in the fair value of investment properties</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,273,033</font></p>
















</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Additions</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,055</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt; line-height: inherit;">Transfers&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(437,080)</font></p>
















</td>











</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write off</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(215)</font></p>
















</td>











</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>
















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">16,818,919</font></p>
















</td>











</tr>




























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; text-align: center;">(i)</td>
<td style="width: 95%;">Transfer of farms to assets held for sale. For more details see note 8.</td>












</tr>

























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>114</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>

















</div>















</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin: 10pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 8pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDn12_2712025191837575" class="customBookmark"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; color: #0078ab; font-weight: bold; line-height: inherit;">12.</font><font style="font-size: 10pt; color: #0078ab; font-weight: bold; line-height: inherit;"> COMMITMENTS</font></font></a></div>











</div>
<div style="line-height: 1.2;">
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Gas supply</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Considering the current gas supply contracts, the subsidiaries have </font><font style="line-height: inherit;">a financial</font><font style="line-height: inherit;"> commitment that totaled an estimated present value of R$</font><font style="line-height: inherit;">45</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">952</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">077</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-indent: 35.45pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Rumo concession</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The sub-concession agreements for which Rumo, through its subsidiaries, generally include commitments to execute investments with certain characteristics during the term of the agreement. We can highlight:</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 48px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr style="height: 32px;">
<td style="width: 3%; height: 32px;"><br></td>
<td style="width: 2%; height: 32px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%; height: 32px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The 2nd addendum to the renewal of the<font>&nbsp;</font>Malha<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>concession, signed on May 27, 2020, provided for the execution over the course of the concession of a set of investment projects to increase capacity and reduce urban conflicts, estimated by the agency at R$6,100,000 (updated to December 2017). Part of this amount makes up the set of obligations mentioned in the 2nd addendum.</font><br></td>









</tr>
<tr style="height: 16px;">
<td style="height: 16px;"><br></td>
<td style="height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">On May 27, 2024, through the 6th addendum to the<font>&nbsp;</font>Malha<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>concession contract, there was a renegotiation of the works and deadlines of the obligations book assumed when the 2nd Addendum to the Contract was signed. As of December 31, 2024, the physical execution of the projects in the<font>&nbsp;</font>Malha<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>obligations booklet, including the renegotiation of the investments in the 6th addendum, is 11.34%.</font></td>









</tr>



















</table>
<div style="margin: 10pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDn13_2712025191850225" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BDn13_2712025191851550" class="customBookmark"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">13.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> CONCESSIONS PAYABLE</font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company records concessions payable as follows:</font></p>
<p style="margin: 6pt 0pt 0pt 39pt; text-align: justify; text-indent: -21pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font><font style="font-weight: bold; line-height: inherit;">Lease Installments in Dispute</font><font style="line-height: inherit;">: The balance of lease installments involved in disputes with the granting authority is initially recorded at the installment value upon maturity, by transferring it from the &#8220;Lease Liabilities&#8221; account. The amounts are subsequentlyadjusted by the Selic rate.</font></font></p>
<p style="margin: 0pt 0pt 0pt 39pt; text-align: justify; text-indent: -21pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp;</font><font style="font-weight: bold; line-height: inherit;">Balances in Installments with the Granting Authority</font><font style="line-height: inherit;">: Balances in installments with the Granting Authority are initially recorded at the remaining amount due upon resolution of the dispute. The amounts are adjusted by the Selic rate until payment.</font></font></p>
<p style="margin: 0pt 0pt 6pt 39pt; text-align: justify; text-indent: -21pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">&#8226;</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp;&nbsp;</font><font style="font-weight: bold; line-height: inherit;">Concession Rights Grants</font><font style="line-height: inherit;">: Balances payable as concession rights grants (&#8220;Concessions and Grants&#8221;) are initially recorded against intangible assets (Note 11.2). Subsequent measurement occurs at </font><font style="line-height: inherit;">the</font><font style="line-height: inherit;"> effective rate.</font></font></p>













</td>













</tr>



























</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 293px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; width: 75%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Disputed lease and concession:</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Oeste S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,442,600</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,206,945</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,442,600</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,206,945</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Lease installment</font><font style="font-weight: bold; line-height: inherit;"> payments:</font></font></p>













</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Paulista S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">940,215</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,067,256</font></p>













</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">940,215</font></p>













</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,067,256</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Concessions:</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Sul S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">68,487</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,191</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Paulista S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">238,146</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">190,282</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Central S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,742</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,699</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">338,375</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">291,172</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,721,190</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,565,373</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">166,273</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">250,971</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,554,917</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,314,402</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,721,190</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,565,373</font></p>













</td>









</tr>























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>115</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; text-align: right;"><br></p>
<p style="margin: 0pt; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: right;"><br></p>
<p style="margin: 0px; font-size: 11pt; line-height: 1.2; text-indent: 0px;"><font style="font-size: 10pt; text-align: justify; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-size: 10pt; text-align: justify; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit; margin-left: 26px;">Disputed lease and concession:</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">On July 21, 2020, </font><font style="line-height: inherit;">the subsidiary </font><font style="line-height: inherit;">Rumo filed with the National Land Transport Agency (</font><font style="line-height: inherit;">Ag&#234;ncia</font><font style="line-height: inherit;"> Nacional de </font><font style="line-height: inherit;">Transportes</font> <font style="line-height: inherit;">Terrestres</font><font style="line-height: inherit;"> &#8211; &#8220;ANTT&#8221;) a request to participate in a third-party rebidding process for the Concession Agreement entered into between </font><font style="line-height: inherit;">Rumo </font><font style="line-height: inherit;">Malha Oeste and the Federal Government, through the Ministry of Transport ("Rebidding Process"), in accordance with Law No. 13,448 of June 5, 2017 and Decree No. 9,957 of August </font><font style="line-height: inherit;">7</font><font style="line-height: inherit;">, 2019. </font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">An amendment to the concession agreement was signed, and as a result, the economic and financial rebalancing action filed by Rumo Malha Oeste against the </font><font style="line-height: inherit;">Federal Government</font><font style="line-height: inherit;">, which had a decision of origin from the lower court and was awaiting a ruling from the Federal Regional Court, was suspended by joint decision of the parties.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The total amount of judicial deposits related to the cases is R$</font><font style="line-height: inherit;">27</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">897</font> <font style="line-height: inherit;">as of December 31, 2024 </font><font style="line-height: inherit;">(R$26,064 </font><font style="line-height: inherit;">as of </font><font style="line-height: inherit;">December 31, 2023)</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; text-decoration: none; line-height: inherit;">b)</font><font style="color: #0078ab; font-weight: bold; line-height: inherit; margin-left: 26px;">Leases and grants within the scope of CPC 06R2/IFRS 16</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 258px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; width: 75%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Leases:</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Sul S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">309,269</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">452,701</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Paulista S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">363,588</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">422,173</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Oeste S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">82,331</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">131,038</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">755,188</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,005,912</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Grants:</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Rumo Malha Paulista S.A. (</font><font style="line-height: inherit;">renewal</font><font style="line-height: inherit;">)</font></font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,673,889</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">919,011</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo Malha Central S.A.</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,111,043</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">940,456</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,784,932</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,859,467</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,540,120</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,865,379</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">547,492</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">358,464</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,992,628</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,506,915</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,540,120</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,865,379</font></p>













</td>









</tr>























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt; text-indent: 0pt;">&nbsp;</p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>116</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 10pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn14_271202519195414" class="customBookmark"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">14. OTHER TAX</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">ES PAYABLE</font></font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The Company incurs various taxes and contributions, including municipal, state, and federal taxes, taxes on bank deposits and withdrawals, turnover taxes, regulatory fees, and income tax, among others. Additionally, it is subject to other taxes that the Company is obliged to </font><font style="line-height: inherit;">collect</font><font style="line-height: inherit;"> as withholding taxes from third </font><font style="line-height: inherit;">parties</font><font style="line-height: inherit;"> and which generally do not represent an expense.</font></font></p>













</td>













</tr>



























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 207px; width: 100%;" width="100%">

<tr style="height: 15px;">
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax debts installments</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">219,429</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">211,226</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,302</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">217,348</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS </font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">227,563</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">190,474</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">COFINS</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">53,496</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">96,905</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">152,066</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">177,720</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">PIS </font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,893</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,951</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,054</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,073</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Social Security charges </font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,163</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62,249</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,975</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,214</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRRF</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">40,708</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,133</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,416</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,082</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,419</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,998</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">294,400</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">385,413</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">893,087</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">836,960</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 15px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">78,197</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">226,556</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">637,842</font></p>













</td>
<td style="vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">673,718</font></p>













</td>









</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-current</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">216,203</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,857</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">255,245</font></p>













</td>
<td style="vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">163,242</font></p>













</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">294,400</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">385,413</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">893,087</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">836,960</font></p>













</td>









</tr>























</table>
<p style="margin: 12pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The amounts due in non-current liabilities have the following maturity schedule</font><font style="line-height: inherit;">:</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%">

<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; text-align: center;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 19px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; text-align: center;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; text-align: center; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 13 to 24 months</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,667 </font></p>













</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">881</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 25 to 36 months</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,957 </font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">572</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 37 to 48 months</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 </font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">572</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">From 49 to 60 months</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 </font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">572</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Over 60 months</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">216,203</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">158,857</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238,706 </font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">160,645</font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">216,203</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">158,857</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">255,245</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">163,242</font></p>













</td>













</tr>



























</table>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>117</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 10pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bdn15_2712025191917877" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15. INCOME TAXES</font></a></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="background-color: #f2f2f2; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.55pt;">
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The total rate of income tax and social contribution is 34%. Current tax and deferred tax are recognized in profit or loss, </font><font style="line-height: inherit;">with the exception of</font><font style="line-height: inherit;"> certain transactions which are directly recognized in shareholder&#8217;s equity or other comprehensive income.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Current tax</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">It is the expected tax payable or receivable on taxable profit or loss for the year, using tax rates enacted or substantively enacted as of the date of the financial position, as well as any adjustments to tax payable in respect of prior years.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Deferred tax</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Deferred tax is recognized as temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes</font><font style="line-height: inherit;">&nbsp;</font><font style="line-height: inherit;">and the amounts used for taxation and tax loss.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The measurement of deferred tax reflects how the Company expects, at the end of the reporting period, to realize or settle the carrying value of its assets and liabilities. Deferred tax is measured at the rates anticipated to be applied to temporary differences upon their reversal, using rates enacted or substantively enacted as of the date of the financial position.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If there is a legally enforceable right to offset current tax assets and liabilities, and if they relate to taxes imposed by the same tax authority on the same taxable entity, deferred tax assets and liabilities are offset.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Tax exposure</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In calculating the amount of current and deferred tax, the Company considers the impact of uncertain tax positions and the possibility of additional taxes and interest being owed. This evaluation is based on estimates and hypotheses and may involve a series of future event judgments. New information may become available, causing the Company to change its opinion regarding the sufficiency of existing tax liabilities; such changes in tax obligations will have an impact on tax expenses in the period in which the determination is made.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Recoverability of deferred income tax and social contribution</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">When evaluating the recoverability of deferred taxes, Management takes future taxable income projections and changes in temporary differences into account. The recoverability of the deferred tax asset in the parent company depends on taxable income projections. When it is unlikely that a portion or all the tax liability will be realized, the tax asset is reversed. No deadline exists for the utilization of tax losses and negative bases, but the utilization of these accumulated losses from prior years is limited to 30% of annual taxable income.</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company and its subsidiaries adhere to both the letter and spirit of the tax laws and regulations of the countries in which they conduct business, being committed to good tax practices. They are also committed to the practice of transfer pricing that respects the principles of full competition and the rules defined by the tax legislation of the jurisdictions in which they operate, with transparency of operations, business ethics, and no use of practices that result in an artificial reduction in taxation.</font></p>













</td>









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</table>
<p style="font-size: 11pt; line-height: 4pt; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>118</font></font></td>









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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #0078ab; font-weight: bold; line-height: inherit;"><font style="font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: #0078ab; font-weight: bold; line-height: inherit;">a)&nbsp; &nbsp; &nbsp; &nbsp;Reconciliation of income tax and social contribution expenses:</font></font></p>









</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 363px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>













</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Profit before taxes</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,893,751)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">430,447</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,245,119)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,113,751</font></p>













</td>













</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Income tax</font><font style="font-weight: bold; line-height: inherit;"> and social contribution</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;at nominal&nbsp; rate (34%)</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,023,875</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(146,352)</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,783,340</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,738,675)</font></p>













</td>













</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Adjustments for calculating the</font><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;effective rate</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest in earnings of investees (non-taxable income)&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,054,960)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,704</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,422,337)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">672,947</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Differences in tax rates on earnings from operating profit(vii)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(70,643)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(44,101)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(93,121)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,870)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Granted income tax incentive </font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">407,231</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">279,941</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest </font><font style="line-height: inherit;">on</font><font style="line-height: inherit;"> shareholders&#8217; equity </font></font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,709)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(174,335)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(191,763)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goodwill amortization effect</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,271</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,271</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-deductible expenses (donations, gifts, etc.)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(23,234)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(16,787)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax losses not recorded</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,560,406)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,193,767)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(308,358)</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS benefit - extemporaneous tax credits</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">20,490</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,506</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">ICMS benefit - current year</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(521)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">68,409</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividend income</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">254,260</font></p>













</td>













</tr>
<tr style="height: 10px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for non-realization of the benefit of the&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">federative covenant</font></p>













</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">885</font></p>













</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(307,099)</font></p>













</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for non-realization of the benefit of the&nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt;">federative covenant - Interest and Fine</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">25,851</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100,731</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Selic on indebtedness</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,861</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,203</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,873</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">147,741</font></p>













</td>













</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">&nbsp;&nbsp; Rate differential</font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">534,837</font></p>













</td>
<td style="vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,725</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Benefit membership program zero litigation</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(415)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,710</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(415)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,276</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 20pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(72,443)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(165)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(117,570)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,681)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Income tax and social contribution (current and deferred)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(715,131)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">648,290</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(3,190,522)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(274,426)</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Effective rate - %</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">8</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">04%</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">150</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">61%</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">60</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">83%</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">(5</font><font style="font-weight: bold; line-height: inherit;">.</font><font style="font-weight: bold; line-height: inherit;">37%)</font></font></p>













</td>













</tr>



























</table>









</div>
<div style="line-height: 1.2;">
<p style="font-size: 11pt; line-height: 115%; margin: 0px; text-indent: 0px;">&nbsp;</p>
<table style="width: 100%; margin-left: 0.1px; height: 16px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td style="width: 2%; height: 16px;"><br></td>
<td style="width: 5%; height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; height: 16px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Difference in rate between the nominal rate of 34% and the effective rate applicable to entities that calculate the tax under the presumed profit regime.</font></td>









</tr>



















</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>119</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt 6pt 28.35pt; text-indent: -28.35pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="color: #0078ab; font-weight: bold; line-height: inherit; margin-left: 25px;">Deferred income tax assets and liabilities</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Below are presented the tax effects of temporary differences that give rise to significant parts of the company's deferred tax assets and liabilities:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 764px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="color: #ff0000; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="background-color: #ffffff; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; width: 48%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Deferred tax assets from:</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income taxes losses </font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">945,685</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,699,262</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,714,996</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Negative base of social contribution</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">340,981</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">560,110</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">929,055</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Temporary differences</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange variation - Loans and borrowings</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,159,160</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,165,734</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,669,489</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,292,954</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for lawsuits</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,335</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">95,780</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">272,886</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">218,881</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Impairment provision</font> <font style="line-height: inherit;">(Rumo Malha Oeste)</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">23,436</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">27,072</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Post-employment</font> <font style="line-height: inherit;">benefit obligation</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,046</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">150,336</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Provisions for uncertain tax</font> <font style="line-height: inherit;">credits and tax losses</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,202</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,511</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for non- recoverability of taxes</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,580</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,985</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">70,719</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,641</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Share-based payment</font> <font style="line-height: inherit;">transactions</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">19,336</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,065</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">103,454</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,825</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Lease</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,347</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,497</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">312,402</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">161,840</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Unrealized loss with</font> <font style="line-height: inherit;">derivatives</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">165,978</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">390,622</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">823,286</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisions for profit sharing</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,212</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36,020</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">131,254</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,994</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Business </font><font style="line-height: inherit;">c</font><font style="line-height: inherit;">ombination - Intangible assets</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124,628</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124,379</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Business combination &#8211; </font><font style="line-height: inherit;">Property, plant and</font></font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; &nbsp;</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">equipment</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,854</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,795</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other provisions</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">140,077</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">682,385</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">691,162</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax on pre-operating income</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,402</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">87,454</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Regulatory </font><font style="line-height: inherit;">asset</font><font style="line-height: inherit;"> (liability)</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,396</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,661</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other </font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">48,365</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">208,331</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">321,966</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">391,444</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,447,412</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,032,056</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,624,513</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,070,286</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Deferred tax liabilities from:</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













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</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Temporary differences</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange rate variation - Loans and borrowings</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(347)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(195,232)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provision for lawsuits</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(107)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(408)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Useful life review</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(531,081)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(456,093)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Business combination &#8211;</font> <font style="line-height: inherit;">fixed assets</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(161,784)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(148,872)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax goodwill</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(645,297)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(618,758)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Unrealized income with</font> <font style="line-height: inherit;">derivatives</font></font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(156,611)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(369,763)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(299,965)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Fair value adjustment on debt</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(801,022)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(281,784)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Marketable securities</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(77,437)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Investment properties</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(496,395)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(455,773)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Goods intended for sale</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(962)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,546)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Effects on the formation of joint ventures</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(102,070)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(103,992)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(167,196)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(103,992)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business Combination &#8211; Intangible assets</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,990,657)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,426,881)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Post-employment obligations</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,810)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(4,641)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Lease</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(11,557)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(10,034)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisions</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(449,153)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(449,153)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(449,153)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(449,153)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">18</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">832</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(472,592)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(147,120)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">(689</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">002)</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(553,145)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(9,102,723)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(7,686,689)</font></p>













</td>









</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total deferred taxes recorded</font></p>













</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">758</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">410</font></font></p>













</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,478,911</font></p>













</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,478,210)</font></p>













</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">383,597</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Deferred tax assets</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">758</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">410</font></font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,478,911</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,495,296</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,609,030</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp; Deferred tax liabilities</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,973,506)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(5,225,433)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total deferred, net</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,758,410</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,478,911</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(1,478,210)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">383,597</font></p>













</td>









</tr>























</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>120</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company determined the period for offsetting its deferred tax assets on tax losses, social contribution negative basis and temporary differences based on the projection of its taxable income and long-term strategic planning, with the following realization expected on December 31, 2024:</font><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 138px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent company</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px; width: 75%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Within 1 year</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">668</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">09</font><font style="line-height: inherit;">3</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">149</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">570 </font></font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1 to 2 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">270</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">762</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">670</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">316 </font></font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2 to 3 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">42</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">632</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">&nbsp;297</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">644 </font></font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3 to 4 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">42</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">632</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">423</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">267 </font></font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4 to 5 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">82</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">052</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">330</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">416 </font></font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5 to 8 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">566</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">975</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">1</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">248</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">040 </font></font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 2px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8 to 10 years</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; text-align: right; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">85</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">264</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">376</font><font style="line-height: inherit;">,</font><font style="line-height: inherit;">043 </font></font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">1</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">758</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">41</font><font style="font-weight: bold; line-height: inherit;">0</font></font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding: 0px 6px 0px 2px; vertical-align: top; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"> <font style="font-weight: bold; line-height: inherit;">4</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">495</font><font style="font-weight: bold; line-height: inherit;">,</font><font style="font-weight: bold; line-height: inherit;">296</font> </font></p>













</td>









</tr>























</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit; margin-left: 25px;">Changes in deferred tax assets and liabilities:</font></p>









</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 177px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Assets</font></p>













</td>
<td colspan="13" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>









</tr>
<tr style="height: 32px;">
<td style="background-color: #ffffff; vertical-align: middle; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Tax loss and negative basis</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Employee benefits</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unrealized loss with</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp; derivatives</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Leases</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>













</td>
<td style="background-color: #ffffff; vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; width: 24%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">948,698</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">45,168</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">281,846</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,493</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,378,829</font></p>













</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,657,034</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">337,968</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,917</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">165,978</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(179,081)</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">129,079</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">508,865</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange differences</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,843)</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,843)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,286,666</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100,085</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">165,978</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">102,765</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,497</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,374,065</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,032,056</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,245,573)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(69,537)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(165,978)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,227</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(150)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(159,966)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,536,977)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Zero litigation</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,093)</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,093)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange differences</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">993,426</font></p>













</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">993,426</font></p>













</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">30,548</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">206,992</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,347</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,207,525</font></p>













</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,447,412</font></p>













</td>









</tr>























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>121</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><br></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;"><br></font></p>









</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 186px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>













</td>
<td colspan="9" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>













</td>









</tr>
<tr style="height: 32px;">
<td style="background-color: #ffffff; vertical-align: middle; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Effects on the formation of joint venture</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unrealized loss with</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;&nbsp; derivatives</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; width: 46%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(106,254)</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(249,206)</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(443,954)</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(799,414)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,262</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">249,206</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(8,762)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">242,706</font></p>













</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recognized in shareholders' equity</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,563</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,563</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(103,992)</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(449,153)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(553,145)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,922</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(156,611)</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">31,890</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(122,799)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recognized in shareholders' equity</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,058)</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(13,058)</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(102,070)</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(156,611)</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(449,153)</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">18,832</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(689,002)</font></p>













</td>









</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>









</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total deferred taxes recognized</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: middle; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; height: 16px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">1,758,4</font><font style="font-weight: bold; line-height: inherit;">10</font></font></p>













</td>









</tr>























</table>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-weight: bold;"><br></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-weight: bold;">Assets</font></p>









</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 208px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="17" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>













</tr>
<tr style="height: 32px;">
<td style="vertical-align: middle; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Tax&nbsp;loss&nbsp;and negative</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> basis</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Post-employment</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> obligations</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Employee</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> benefits</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Leases</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unrealized gains on</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> derivatives</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Intangible</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> assets</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>













</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 32px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; width: 29%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,054,210</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">152,373</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">207,313</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">922,526</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">167,962</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">674,554</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">119,060</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,345,479</font></p>













</td>
<td style="height: 16px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 7%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,643,477</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">589,841</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,037)</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">110,506</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">122,741</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(6,122)</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">148,732</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,319</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(133,596)</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">835,384</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange differences</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(408,575)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(408,575)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,644,051</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">150,336</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">317,819</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,045,267</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">161,840</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">823,286</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">124,379</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,803,308</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">8,070,286</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Credited / charged from income for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,343,586)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(22,290)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(83,111)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,398</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,990</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(433,630)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">249</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(98,736)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,970,716)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Recognized in shareholders' equity</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">145,572</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">966</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">146,538</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Zero litigation</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,093)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(41,093)</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign exchange differences</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,376,535</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,376,535</font></p>













</td>













</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,963</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">42,963</font></p>













</td>













</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,259,372</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">128,046</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">234,708</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,093,628</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">312,402</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">390,622</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">124,628</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,081,107</font></p>













</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 2.8pt; border-bottom-style: double; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,624,513</font></p>













</td>













</tr>



























</table>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>122</font></font></td>








</tr>

















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>








</div>








</div>
<div style="line-height: 1.2;"><br></div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt 6pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Liabilities</font></p>
<table cellspacing="0" cellpadding="0" style="height: 205px; border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 99.8636%;" width="100%">

<tr style="height: 16px;">
<td style="background-color: #ffffff; vertical-align: middle; height: 16px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td colspan="19" style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 68.9281%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>













</td>







</tr>
<tr style="height: 48px;">
<td style="vertical-align: middle; height: 48px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Effects&nbsp;on&nbsp;the formation&nbsp;of joint&nbsp;ventures</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Post-employment obligations</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Intangible assets</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Unrealized gains on derivatives</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Property, plant and equipment</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Fair value adjustment</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Leases</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provisions</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 5.97015%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Other</font></p>













</td>
<td style="vertical-align: bottom; height: 48px; width: 1.01764%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 48px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; width: 6.03799%;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>













</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(106,254)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,594)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,486,211)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(226,243)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(401,926)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(548,726)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(11,797)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(79,092)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(2,773,878)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(8,638,721)</font></p>













</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Impact on the results for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">2,262</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(47)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">59,330</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(73,722)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(54,167)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">200,336</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,763</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(370,469)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">1,178,542</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">943,828</font></p>













</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other comprehensive income</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(58,402)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(58,402)</font></p>













</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Liabilities available for sale</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">66,606</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 6.03799%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">66,606</font></p>













</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(103,992)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,641)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,426,881)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(299,965)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(456,093)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(281,784)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(10,034)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(449,561)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(1,653,738)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(7,686,689)</font></p>













</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Impact on the results for the year</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(63,204)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(169)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">126,999</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(69,798)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(74,988)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(519,238)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(1,523)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">301</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(42,518)</font></p>













</td>
<td style="height: 16px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(644,138)</font></p>













</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">Other comprehensive income</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













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<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













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<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
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<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(45,513)</font></p>













</td>
<td style="height: 16px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(45,513)</font></p>













</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-size: 9pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Business Combinations&nbsp;<font style="font-size: 8pt;"><sup>(i)</sup></font></font></font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
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<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(690,775)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













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<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













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<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&#8212;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 5.97015%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(35,608)</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 6.03799%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">(726,383)</font></p>













</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(167,196)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,810)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(4,990,657)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(369,763)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(531,081)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(801,022)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(11,557)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(449,260)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(1,777,377)</font></p>













</td>
<td style="height: 10px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(9,102,723)</font></p>













</td>







</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 10px; width: 6.03799%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31.0041%;">
<p style="margin: 0pt;"><font style="font-size: 9pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Total deferred taxes reco</font><font style="font-weight: bold; line-height: inherit;">gnized</font></font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; width: 5.97015%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 5.97015%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="height: 17px; background-color: #cceeff; width: 1.01764%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 9pt; line-height: inherit;">&nbsp;</font></p>













</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; width: 6.03799%; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 9pt; font-weight: bold; line-height: inherit;">(1,478,210)</font></p>













</td>







</tr>





















</table>
<p style="margin: 0pt; text-align: center;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 2%; vertical-align: top;" valign="top"><br></td>
<td style="width: 5%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">T</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">he respective amount presented differs from the amount shown in note 9.2, due to the write-off of deferred liabilities, now constituted in connection with an indirect stake in the subsidiary<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Compagas</font></td>








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</table>








</div>
<div style="line-height: 1.2;">
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: left;"><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">d)</font><font style="font-size: 10pt; text-indent: -28.35pt; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt; text-indent: -28.35pt; color: #0078ab; font-weight: bold; line-height: inherit;">Unrecognized tax losses and temporary differences and Provision for non-recoverability of tax losses for the year</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">In the year ended December 31, 2024, the amount of unrecognized income tax and social contribution totaled R$4,193,767, referring to tax losses and temporary differences. Currently, these amounts do not meet the requirements for recording deferred tax assets, due to the lack of predictability of future </font><font style="line-height: inherit;">generation</font><font style="line-height: inherit;"> of taxable profits.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amount mentioned includes:</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 80px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td style="width: 2%; height: 16px;"><br></td>
<td style="width: 5%; height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(i)</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></td>
<td style="width: 93%; height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">provision for non-recoverability of R$2,560,406 at Cosan S.A. (R$1,273,741 in 2024 and R$1,286,666 in 2023</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">);</font></td>








</tr>
<tr style="height: 16px;">
<td style="height: 16px;"><br></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">non-activated tax losses of R$1,311,233 at<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Rumo;</font></td>








</tr>
<tr style="height: 16px;">
<td style="height: 16px;"><br></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">write-off of R$224,412 at<font>&nbsp;</font>Cosan<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Luxemburgo</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">;</font></td>








</tr>
<tr style="height: 16px;">
<td style="height: 16px;"><br></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">write-off of R$100,431 at<font>&nbsp;</font>Cosan<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Oito</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, due to the merger that took place on January 8, 2025, as disclosed in Note 25; and</font></td>








</tr>
<tr style="height: 16px;">
<td style="height: 16px;"><br></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(v)</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></td>
<td style="height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">R$2,715 of tax loss<font>&nbsp;</font>carryforwards<font>&nbsp;</font>in the other<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">subsidiaries;</font></td>








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</table>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt;">Management will continue to periodically monitor projections of future taxable income and will adjust the provision as necessary, in accordance with changes in the Company's economic and financial conditions.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>123</font></font></td>








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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>








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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="line-height: 1.2;">
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 10pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bp1_2712025182611752" class="customBookmark"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">16.</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> PROVISION FOR PROCEEDINGS AND JUDICIAL DEPOSITS</font></font></a></div>
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<td style="padding-left: 5.4pt; vertical-align: top; width: 460.55pt; height: 112px; background-color: #f2f2f2;">
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy: </font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">They are recognized as other expenses when the Company has a present or constructive obligation </font><font style="line-height: inherit;">as a result of</font><font style="line-height: inherit;"> previous events, it is expected that an outflow of resources will be required to settle the obligation, and the amount can be estimated with reasonable certainty.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The chance of loss evaluation is comprised of existing facts, the hierarchy of laws, case law, the most recent court decisions, the legal system's relevance, and the opinion of outside counsel. Provisions are examined and altered for conditions, such as the expiration of the statute of limitations, the conclusion of tax audits, or the identification of additional exposures based on new matters or judicial decisions.</font></p>




















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<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">T</font><font style="line-height: inherit;">he </font><font style="line-height: inherit;">Company</font><font style="line-height: inherit;"> had contingent liabilities and judicial deposits pertaining to:</font></font></p>
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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Provision for lawsuits</font></p>




















</td>

















</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>

















</tr>
<tr style="height: 19px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>

















</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">198,385</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">272,063</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">745,896</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">813,732</font></p>




















</td>

















</tr>
<tr style="height: 19px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil, environmental and regulatory</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">59,989</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">73,744</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">818,422</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">512,979</font></p>




















</td>

















</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,233</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">55,286</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">480,315</font></p>




















</td>
<td style="vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">387,692</font></p>




















</td>

















</tr>
<tr style="height: 19px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">308,607</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">401,093</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,044,633</font></p>




















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,714,403</font></p>




















</td>

















</tr>






































</table>
<p style="font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 114px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Judicial deposit</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 49%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Tax </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">390,148</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">373,779</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">801,723</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">652,236</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil, environmental and regulatory</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,675</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">16,126</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">134,058</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,724</font></p>




















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,146</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,584</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">120,909</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,941</font></p>




















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">416,969</font></p>




















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">403,489</font></p>




















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,056,690</font></p>




















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">895,901</font></p>




















</td>
















</tr>





































</table>
<p style="font-size: 10pt; line-height: 1.2;;margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="text-align: justify; width: 2%;"><br></td>
<td style="vertical-align: top; text-align: left; width: 5%;" valign="top"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">i</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">)</font></font><br></td>
<td style="text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In the year ended December 31, 2024, the Company, through its indirect subsidiary<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Comg&#225;s</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, made judicial deposits in the amount of R$110,170 in a lawsuit with a prognosis of possible loss to discuss the deductibility, from the IRPJ and CSLL calculation basis, of late payment interest on tax debts.</font></td>

















</tr>



































</table>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Changes in provisions for lawsuits:</font></p>
<table cellspacing="0" cellpadding="0" style="height: 205px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; height: 16px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>











</tr>
<tr style="height: 48px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 48px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Tax</font></p>




















</td>
<td style="height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 48px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Civil, </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">environmental,</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">and regulatory</font></p>




















</td>
<td style="height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 48px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Labor</font></p>




















</td>
<td style="height: 48px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 48px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>











</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; width: 49%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">227,481</font></p>




















</td>
<td style="height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">53,835</font></p>




















</td>
<td style="height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">68,041</font></p>




















</td>
<td style="height: 10px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">349,357</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisioned in the year</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">17,579</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">29,080</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,899</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">49,558</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs by reversal / payment</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,180)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(20,768)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(15,469)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(39,417)</font></p>




















</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">30,183</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">11,597</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(185)</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">41,595</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">272,063</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">73,744</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">55,286</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">401,093</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisioned in the year</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">114,645</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">8,632</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,446</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">124,723</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs by reversal / payment</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(114,865)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(14,556)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,512)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(136,933)</font></p>




















</td>











</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(73,458)</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(7,831)</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,013</font></p>




















</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(80,276)</font></p>




















</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">198,385</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">59,989</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">50,233</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">308,607</font></p>




















</td>











</tr>
































</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>124</font></font></td>











</tr>























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>











</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin:0pt"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 198px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="7" style="padding-left: 2pt; padding-right: 2pt; height: 16px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>











</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Tax</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Civil, </font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">environmental,</font></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">and regulatory</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Labor</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; width: 49%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">747,647</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">662,052</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">391,487</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; width: 12%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,801,186</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisioned in the year</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">44,812</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105,526</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">113,151</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">263,489</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs by reversal / payment</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(33,427)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(258,021)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(168,160)</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(459,608)</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transfer</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,793</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">607</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,400</font></p>




















</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">54,700</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(371)</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">50,607</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">104,936</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">813,732</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">512,979</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">387,692</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,714,403</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Provisioned in the year</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">129,619</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">181,734</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,193</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">465,546</font></p>




















</td>











</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Write-offs by reversal / payment</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(138,562)</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(187,735)</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(168,112)</font></p>




















</td>
<td style="height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 16px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(494,409)</font></p>




















</td>











</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Business combination</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,382</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">91,913</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,831</font></p>




















</td>
<td style="height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 16px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">98,126</font></p>




















</td>











</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Interest <font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(60,275)</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">219,531</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,711</font></p>




















</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">260,967</font></p>




















</td>











</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">745,896</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">818,422</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">480,315</font></p>




















</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">2,044,633</font></p>




















</td>











</tr>
































</table>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 16px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td style="width: 2%; height: 16px;"><br></td>
<td style="width: 5%; height: 16px; text-align: left;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(i)</font></td>
<td style="width: 93%; height: 16px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Includes write-off of interest due to reversal.</font></td>
















</tr>

































</table>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has debts secured by assets or by means of cash deposits, bank guarantees or guarantee insurance.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The Company has probable indemnity lawsuits in addition to those mentioned, and as </font><font style="line-height: inherit;">they represent contingent assets, they were not reported.</font></font></p>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Probable losses</font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 13.06pt; padding-left: 7.94pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Tax:</font><font style="line-height: inherit;"> The main tax proceedings for which the risk of loss is probable are described below:</font></font></li>




















</ul>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 165px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Compensation with FINSOCIAL </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">337,351</font></p>




















</td>
<td style="vertical-align: middle; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">326,220</font></p>




















</td>
















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">INSS </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(ii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">80,576</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,254</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">101,399</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">100,149</font></p>




















</td>
















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">ICMS credit </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(iii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">14,217</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,864</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,708</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">174,860</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">PIS and COFINS</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,073</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,832</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">34,412</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">33,244</font></p>




















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IPI</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">58,002</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">56,638</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">64,969</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">63,358</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IRPJ and CSLL</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,292</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,102</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">12,532</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,698</font></p>




















</td>
















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">5,225</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,373</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">130,525</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">105,203</font></p>




















</td>
















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">198,385</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">272,063</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">745,896</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">813,732</font></p>




















</td>
















</tr>





































</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>125</font></font></td>









</tr>



















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>









</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr>
<td style="width: 2%; text-align: justify;"><br></td>
<td style="width: 5%; vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; line-height: inherit;">FINSOCIAL:</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Compensation of FINSOCIAL with federal taxes, based on a September 2003 final and non-appealable court ruling in the case records where the constitutionality of FINSOCIAL was discussed. Compensation of taxes remains a topic of administrative discussion.</font></td>














</tr>
<tr>
<td style="text-align: justify;"><br></td>
<td style="vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(ii)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; line-height: inherit;">INSS:</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Amount provisioned as INSS, the majority of which is comprised of amounts related to social security contributions levied on billing in accordance with article 22-A of Law 8.212/91, the constitutionality of which is being litigated. The amounts are deposited with the court. The leading case &#8211; RE 611.601 (item 281) , is being decided by the Federal Supreme Court</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">recognizing the constitutionality of art. 22-A of Law No. 8.212/91.</font></td>














</tr>
<tr>
<td style="text-align: justify;"><br></td>
<td style="vertical-align: top; text-align: justify;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(iii)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; line-height: inherit;">ICMS:<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Tax assessments issued by the tax authorities relating to various types of ICMS credits, including: (a) assessment, as sole debtor, for alleged non-compliance with ICMS withholding obligations in relation to a toll contract arising from an agricultural partnership between our sugarcane mills and Central<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>Ltda.<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">A&#231;&#250;car</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>e<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#193;lcool</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">; (b) ICMS relating to interstate operations taxed as domestic operations and therefore subject to a higher rate, among others</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -57.4667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></td>














</tr>





























</table>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 6pt 10.06pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Labor claims: </font><font style="line-height: inherit;">The Company and its subsidiaries are parties to labor claims filed by former employees and outsourced service providers claiming among other things, compensation and indemnities. Additionally, the Company has public civil actions filed by the Labor Prosecutor's Office regarding alleged non-compliance with labor standards, working conditions and working environment. For claims deemed to have merit, the Company has signed Conduct Adjustment Agreements with the Brazilian authorities.</font></font></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 6pt 0pt 0pt 10.06pt; orphans: 0; padding-left: 18.29pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-weight: bold; line-height: inherit;">Civil, environmental and regulatory lawsuits: </font><font style="line-height: inherit;">The Company and its subsidiaries are involved in </font><font style="line-height: inherit;">a number of</font><font style="line-height: inherit;"> Indemnity Lawsuits, Public Civil Actions, and Administrative Proceedings where, in the opinion of its legal counsel, the risk of loss is probable.</font></font></li>




















</ul>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Possible losses</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main lawsuits for which we anticipate a risk of loss as possible are outlined below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 112px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Tax</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,720,016</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">4,934,309</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,677,036</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">15,703,294</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil, environmental and regulatory</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,111,756</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,045,171</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,569,528</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">7,166,011</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,189</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,168</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">690,535</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,222</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,841,961</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,988,648</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">22,937,099</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23,674,527</font></p>




















</td>















</tr>




































</table>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Tax:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 293px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 49%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Isolated fine - Federal tax</font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;"> (</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">847,582</font></p>




















</td>
<td style="vertical-align: middle; width: 1%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">792,496</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Income tax and social contribution </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(ii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,395,568</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,280,245</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,862,000</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">6,316,155</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">ICMS -Tax on circulation of goods </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(iii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,151,523</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,205,621</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,996,998</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,962,716</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">IRRF </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(iv)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">869,345</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,226,223</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">PIS and COFINS</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (v)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,297,612</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,286,634</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,174,274</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,293,933</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">MP 470 installment of debts</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (vi)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">253,793</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">232,104</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">430,374</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">381,060</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Stock Grant Plan </font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">32,087</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,863</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">IOF on loans</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (vii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">195,098</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">154,606</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Reward </font><font style="line-height: inherit;">c</font><font style="line-height: inherit;">redit </font><font style="line-height: inherit;">c</font><font style="line-height: inherit;">ompensation</font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;"> (viii)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,959</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,322</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">157,959</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">143,322</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">IPI - Tax on industrialized products </font><font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(ix)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">189,971</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">233,464</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">333,185</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">374,471</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">INSS</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">76,763</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">79,019</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,983</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">159,007</font></p>




















</td>















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Foreign financial transactions</font> <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(x)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,910</font></p>




















</td>
<td style="vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,287</font></p>




















</td>















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">IPTU - </font><font style="line-height: inherit;">Urban Property Tax</font> <font style="vertical-align: super; line-height: inherit; font-size: 8pt;">(xi)</font></font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">128,700</font></p>




















</td>
<td style="vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">196,827</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">473,900</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">475,541</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">825,155</font></p>




















</td>















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,720,016</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">4,934,309</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,677,036</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">15,703,294</font></p>




















</td>















</tr>




































</table>
<p style="margin:0pt"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>126</font></font></td>







</tr>















</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>







</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin:0pt"><br></p>
<table style="width: 100%; margin-left: 0.1px; height: 240px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

<tr style="height: 32px;">
<td style="width: 2%; height: 32px; text-align: justify;"><br></td>
<td style="width: 5%; height: 32px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; height: 32px; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Among the claims related to isolated fines, there<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">is</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">a fine<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">arising from: (a) disregarding the tax benefits of REPORTO, with the consequent application of an isolated fine corresponding to 50% of the value of the goods acquired; (b) drawing up infraction notices on alleged failure to pay federal taxes (IRPJ, CSLL, PIS and COFINS) and alleged undue crediting of IPI premium credit, with the application of an isolated fine.</font></td>














</tr>
<tr style="height: 32px;">
<td style="height: 32px; text-align: justify; width: 2%;"><br></td>
<td style="height: 32px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 32px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Infraction notices and lawsuits have been issued by the Special Department of Federal Revenue of Brazil (</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Secretaria</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>Especial da<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Receita</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>Federal do<font>&nbsp;</font>Brasil) regarding (a) disallowance of amortization of goodwill expenses based on future profitability resulting from corporate operations; (b) capital gains on the sale of an equity interest; (c) labor provisions; and (d)<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">amendment of the compensation statement due to partial restitution of the credits that were the subject of the compensation request.</font></td>














</tr>
<tr style="height: 48px;">
<td style="height: 48px; text-align: justify; width: 2%;"><br></td>
<td style="height: 48px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 48px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">I</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">CMS<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">claims are substantially related to<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(a) the disallowance of ICMS credits<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">relating</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>to the<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">purchase</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>of diesel oil</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">;</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>goods<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">allegedly</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>classified as use and consumption and suppliers whose state registrations<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">have been</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>revoked</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>(declared unfit),</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>among others; (b) proof of delivery of goods sold<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">under the</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>FOB clause; (c) ICMS on transport services for export;<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">(d</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">) divergence in the application of legislation governing operations with tax substitution</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">; and (e) acquisition of wagons as a result of the alleged non-exemption provided for by the Tax Regime to Encourage the Modernization and Expansion of the Port Structure<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&#8211;</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>REPORTO</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>and (f)<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">ICMS and fine on transactions with tax documents deemed unreliable by the tax authorities.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Collection of IRRF on (a) alleged capital gain from the acquisition of foreign companies and (b) disallowance of IRRF compensation on swap transactions.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Disallowance of PIS and COFINS credits, calculated under the non-cumulative system, due to divergence in the concept of inputs.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vi)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Applications for the payment in installment of federal tax debts are partially denied by the Special Department of Federal Revenue of Brazil due to insufficient tax losses to settle the respective debts.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vii)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">IOF charges related primarily to (a) current accounts maintained by the Company's subsidiaries and (b) financial transactions between group companies.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(viii)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Offset statements via the PERD/COMP electronic system that reference "premium credit"<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">are</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>considered as not declared by the Special Department of Federal Revenue of Brazil.</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ix)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Collection of IPI credits disallowed for the purchase of raw materials used in the production of immune products</font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(x)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Collection of IRPJ/CSL and fines due to undue exclusion from taxable income and from the CSL calculation basis of financial income arising from bonds issued by the government of Austria and the government of Spain, the latter through the<font>&nbsp;</font>Instituto<font>&nbsp;</font>de<font>&nbsp;</font>Cr&#233;dito<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Oficial</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>(&#8220;ICO&#8221;).</font></td>














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<td style="height: 16px; text-align: justify; width: 2%;"><br></td>
<td style="height: 16px; text-align: justify; vertical-align: top; width: 5%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(xi)</font></td>
<td style="height: 16px; text-align: justify; width: 93%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Collection of Urban Property Tax (&#8220;IPTU&#8221;) on railway properties leased or assigned to the company under the concession contract and on the railway right-of-way over which there is tax immunity. The matter is being discussed by the<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">STF</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>and an unfavorable outcome should lead to new charges being levied (including<font>&nbsp;</font></font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">on</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -56.7333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;"><font>&nbsp;</font>municipalities that currently do not levy the tax), in amounts that cannot yet be measured and, if this happens, a lawsuit can be filed to re-establish the economic balance of the concession contract mentioned.</font></td>














</tr>





























</table>
<p style="text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>127</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="text-align: justify; line-height: 1.2; margin: 6pt 0pt 0pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The Company</font><font style="line-height: inherit;"> ha</font><font style="line-height: inherit;">s</font><font style="line-height: inherit;"> not identified </font><font style="line-height: inherit;">the effects</font><font style="line-height: inherit;"> of IFRIC 23 / ICPC 22 - Uncertainty over Treatment of Income Taxes that could significantly affect the accounting policies of the Company and its subsidiaries and these annual financial statements</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Civil, environmental and regulatory:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 96px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Civil</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,059,547</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">983,867</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,355,370</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,184,240</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Environmental</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">51,540</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">60,549</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,691,409</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,330,683</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Regulatory</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">669</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">755</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,522,749</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,651,088</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,111,756</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,045,171</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">6,569,528</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">7,166,011</font></p>




















</td>














</tr>



































</table>
<p style="margin: 6pt 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The Company and its subsidiaries are parties to several legal and administrative proceedings in the civil, environmental and regulatory spheres, with<font>&nbsp;</font></font><font style="line-height: inherit;">a</font><font>&nbsp;</font><font style="line-height: inherit;">possible</font><font style="line-height: inherit;"><font>&nbsp;</font>loss prognosis.</font></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td style="width: 95%; padding: 0px 0px 10px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Civil Sphere: The portfolio of civil proceedings is composed mainly of claims for compensation of a contractual and extra-contractual nature.</font></td>






</tr>
<tr>
<td style="text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td style="padding: 0px 0px 10px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Environmental Sphere: Environmental proceedings concern terms of commitment, civil inquiries and public civil actions.</font></td>






</tr>
<tr>
<td style="text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -23.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Regulatory Sphere: Regulatory proceedings generally concern administrative sanctioning proceedings instituted by regulatory bodies.</font></td>






</tr>













</table>
<p style="margin: 6pt 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Civil:</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 192px; font-family: 'times new roman'; font-size: 10pt; border-collapse: collapse;">

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<td style="width: 5%; height: 32px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; height: 32px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Company is litigating a lawsuit for&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">attorney's</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;fees filed by Alexandre&nbsp;Saddy&nbsp;Chade&nbsp;and others, who demand that the Company and the other defendants be ordered to pay alleged attorney's fees in the amount of approximately R$399. The lawsuit was dismissed, a decision confirmed by the Court of Justice. A special appeal will be lodged to increase the amount of attorney's fees awarded.</font></font></td>














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<td style="height: 32px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 32px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The subsidiary&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Moove</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;is a party to a lawsuit filed by Petroleum&nbsp;Com&#233;rcio&nbsp;e&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Representa&#231;&#245;es</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;Ltda., seeking to order the company to pay material damages, loss of profits and a fine, alleging breach of contract. This process involves a total value of R$160,508. The judgment on the merits in the first instance is awaited.</font></font></td>














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<td style="height: 80px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="height: 80px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The indirect subsidiary&nbsp;Rumo&nbsp;Malha&nbsp;Sul&nbsp;is a party to the execution of a conduct adjustment agreement signed with the Federal Public Ministry, in which the latter alleges that&nbsp;Rumo&nbsp;would not be transporting cargo in the&nbsp;Presidente&nbsp;Prudente&nbsp;region and,&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">as a result of</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;this, requested the execution of a daily fine, as well as an increase in the value of the fine.&nbsp;Rumo, in turn, filed a declaratory action to give the correct interpretation to the TAC, since its commitment was to try to obtain cargo in sufficient volume to carry out transportation. Periodically, the Company holds seminars in the region, but so far it has not been able to attract anyone interested in providing services. The demands are in the first instance, awaiting a court decision. There was a request to suspend the demand to attempt an agreement and, in parallel,&nbsp;Malha&nbsp;Sul,&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Uni&#227;o</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;and ANTT signed an agreement with a view to&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">adapting</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;the criteria used to determine the value for return of the section. The total contingency of the case is R$1</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">46</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">569</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, with 50% of the amounts provisioned and the remainder classified as possible.</font></font></td>














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<tr style="height: 16px;">
<td style="height: 16px; text-align: justify;"><br></td>
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="height: 16px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In November 2021, CADE, in the judgment of the administrative&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">proceeding</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;initiated based on the representation of a former client, among other points, condemned the subsidiary&nbsp;Rumo&nbsp;to pay a fine in the updated amount of R$339,811, a decision that was maintained in the judgment of the declaration embargoes. The establishment of such a value contradicts&nbsp;CADE's&nbsp;own precedents, whether in relation to the calculation basis or in relation to the rate used, which is why the Company filed an action to annul such&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">decision</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, which is currently under appeal. Based on the technical analysis of its external legal team,&nbsp;Rumo&nbsp;assesses the risk of losing a portion in the amount of R$31,262 (for which it recorded a provision) as probable and classifies the difference as a possible contingency.</font></font></td>














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<tr style="height: 16px;">
<td style="height: 16px; text-align: justify;"><br></td>
<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="height: 16px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The indirect subsidiary&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Rumo</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;Malha&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;is a defendant, together with the Municipality of&nbsp;Jales&nbsp;and others, in a public civil action, in which the MPF alleges a lack of level crossing structure throughout the municipalities of the&nbsp;Jales&nbsp;subsection, as well as indiscriminate use of horn. The estimated risk is R$</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">144</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">071</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(vi)</font></td>
<td style="height: 16px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">I</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -52.3333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">n the year ended December 31, 2024, the indirect subsidiary TRSP assessed a possible loss in a civil arbitration at an early stage with a supplier contracted for the construction period of the Terminal.</font></font></td>














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<p style="margin: 0px; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














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<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br>Environmental:</font></p>
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<td style="width: 5%; height: 48px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; height: 48px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Moove</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;is a defendant in a Public Civil Action (&#8220;ACP&#8221;) seeking payment of compensation for environmental pollution in the former area of&nbsp;Companhia&nbsp;Usina&nbsp;de&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Passivos</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">. Various&nbsp;ACPs&nbsp;have&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">been filed</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;against different companies. In February 2024, there was a change in one of the&nbsp;ACPs, in which the amount attributed by the Public Prosecutor's Office was R$365,319, and the lawsuit was extinguished and filed.</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In another ACP, the Company's liability was delimited, where it entered into an agreement in February/2025 in the amount of R$287,500,&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">which is pending ratification</font></font></td>














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<td style="height: 16px; text-align: justify; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="height: 16px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The indirect subsidiary&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Rumo</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;Malha&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;was fined, in 2013, by IBAMA (Brazilian Institute of the Environment and Natural Resources) for alleged damage to water resources. There was a defense presentation. In September 2021, the Company requested recognition of&nbsp;intercurrent&nbsp;prescription. Analysis of the merits of the matter is awaited. The amount involved is R$2</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">43</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">955</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></font></td>














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<td style="height: 16px; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">In 2014,&nbsp;Rumo&nbsp;Malha&nbsp;Sul&nbsp;was fined by IBAMA for alleged oil spills in violation of environmental legislation. Two fines were issued, totaling R$1</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">17</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">596</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;and R$1</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">95</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">992</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">. The company filed administrative appeals and has been awaiting a decision at the administrative level since 2015. This fine is also being discussed at the regulatory level.</font></font></td>














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<p style="margin: 6pt 0pt; color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Regulatory:</font></p>
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<td style="width: 5%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 93%; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Rumo</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;Malha&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Paulista</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;is a party to a compensation action filed by the former&nbsp;Rede&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Ferrovi&#225;ria</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;Federal S.A. (&#8220;RFFSA&#8221;), succeeded by the&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">Federal Government</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">, due to the deactivation of the railway&#8217;s electric traction system. The value of the&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">claims</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;totals R$356,284, for which there is no provision. In February 2023, a judgment of dismissal was issued.&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">The Federal Government's appeal was partially upheld&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">in order to</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">&nbsp;recognize the existence of damage to be determined in the liquidation of the sentence (illiquid conviction)</font><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -47.2667px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">.</font></font></td>














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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 49%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Labor claims</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">10,189</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,168</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">690,535</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">805,222</font></p>




















</td>














</tr>
<tr style="height: 13px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 13px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">10,189</font></p>




















</td>
<td style="vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">9,168</font></p>




















</td>
<td style="vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">690,535</font></p>




















</td>
<td style="vertical-align: middle; height: 13px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 13px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">805,222</font></p>




















</td>














</tr>



































</table>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">The indirect subsidiary </font><font style="line-height: inherit;">Rumo</font><font style="line-height: inherit;"> Malha </font><font style="line-height: inherit;">Paulista</font><font style="line-height: inherit;"> is currently a party to a pending Labor Court Public Civil Action. This lawsuit originated from an inspection conducted on the Company MS Teixeira, which was subcontracted by </font><font style="line-height: inherit;">Prumo</font> <font style="line-height: inherit;">Engenharia</font><font style="line-height: inherit;"> Ltda. ("</font><font style="line-height: inherit;">Prumo</font> <font style="line-height: inherit;">Engenharia</font><font style="line-height: inherit;">"), which, in turn, was subcontracted by Rumo. According to the inspection, MS Teixeira employees worked under degrading and slave-like conditions. </font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Prumo</font> <font style="line-height: inherit;">Engenharia</font><font style="line-height: inherit;"> assumed full liability for the condition of these employees, including labor and contractual liabilities, as well as all </font><font style="line-height: inherit;">damages</font><font style="line-height: inherit;"> resulting from the alleged subcontractors' working conditions. With the sanction by the then-Ministry of Labor and Employment, </font><font style="line-height: inherit;">Prumo</font> <font style="line-height: inherit;">Engenharia</font><font style="line-height: inherit;"> rescinded the employment contracts of these workers, with the caveat that Rumo did not participate in these acts. </font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">In addition, a criminal investigation against Rumo was initiated and closed. Notwithstanding the above, the Public Ministry of Labor filed a public civil action (</font><font style="line-height: inherit;">A&#231;&#227;o</font><font style="line-height: inherit;"> Civil P&#250;blica - ACP) against Malha </font><font style="line-height: inherit;">Paulista</font><font style="line-height: inherit;">, without involving </font><font style="line-height: inherit;">Prumo</font><font style="line-height: inherit;"> in the dispute, requesting the payment of compensation for collective pain and suffering in the order of R$100,000 (among other commitments), which was held partially valid, condemning the subsidiary in obligations to act and to refrain, as well as collective moral damages in the amount of R$15,000. </font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rumo entered into an agreement with the Public Ministry of Labor in which it agreed to comply with several obligations pertaining to working conditions and pay a total of R$20,000 in compensation to various social entities. Superior Labor Court upheld the validity of the agreement. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">After ratification, the Federal Attorney General's Office (&#8220;AGU&#8221;) filed an appeal questioning only the destination of the compensation, since, in the view of the Federal Attorney General's Office, the compensation should be allocated to the Workers' Support Fund (&#8220;FAT&#8221;). The appeal was heard and not upheld, maintaining the destination of the amounts in accordance with the agreement signed</font><font style="line-height: inherit;">.</font></font></p>
<div>
<table style="width: 100%; height: 16px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 16px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 16px;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>129</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<div style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="Bh2_2712025182710857" class="customBookmark"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">17. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">SHAREHOLDERS&#8217; EQUITY</font></font></a></div>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Share capital</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; vertical-align: top; width: 460.6pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 28.2pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Equity is reduced by the incremental costs directly attributable to the issuance of common shares. In accordance with the policy outlined in Note 15 - Income tax and social contribution, transaction costs related to income tax are accounted for in accordance with Note 15 - Income tax and social contribution.</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 28.2pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Transactions involving group shareholders are allocated within Equity Transactions, such as share-based payments and changes in interests in subsidiaries.</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">As</font><font style="line-height: inherit;">&nbsp;of</font><font style="line-height: inherit;"> December 31, 2024, the subscribed capital is R$8,832,544 (R$8,682,544 </font><font style="line-height: inherit;">as of</font><font style="line-height: inherit;"> December 31, 2023), fully paid-up, and represented by 1,866,570,932 registered, book-entry, non-par value common shares. The limit for authorized share capital permitted by the bylaws is R$9,000,000.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">On</font><font style="line-height: inherit;"> May 29, 2024, the Extraordinary General Meeting approved an increase in the Company's share capital in the amount of R$150,000 without issuing new shares and through the conversion of part of the existing balance in the statutory reserve account and the distribution of dividends of R$840,000</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">As of </font><font style="line-height: inherit;">December 31</font><font style="line-height: inherit;">, 202</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">, the Company's share capital consists of the following:</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 122px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Common shares</font></p>




















</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Shareholding structure</font></p>




















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Amount</font></p>




















</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> %</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 74%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Controlling shareholders</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">672,312,930</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">36.02%</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Board of directors and executive officers</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">26,204,828</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1.40%</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Free float</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,164,305,209</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">62.38%</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Outstanding shares</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,862,822,967</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">99.80%</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Treasury shares</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,747,965</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">0.20%</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">1,866,570,932</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">100.00%</font></p>




















</td>














</tr>



































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Treasury shares</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; vertical-align: top; width: 460.6pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 42.4pt; widows: 0;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Treasury shares </font><font style="line-height: inherit;">consists</font><font style="line-height: inherit;"> of shares that have been repurchased by the </font><font style="line-height: inherit;">company for specific and limited purposes. Cosan holds the necessary number of shares for future employee share-based payment plans, and the volume is treated similarly to treasury shares for accounting purposes.</font></font></p>




















</td>




















</tr>









































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">On</font><font style="line-height: inherit;"> August 14, 2023, the Company's Board of Directors approved the new Share Buyback Program of up to 116,000,000 common shares, representing 9</font><font style="line-height: inherit;">.</font><font style="line-height: inherit;">93% of the total shares available on the market, with a term of up to 18 months. The repurchased shares may be used to meet obligations arising from potential exercises of share-based compensation plans, holding in treasury, disposal or cancellations in accordance with applicable legislation</font><font style="line-height: inherit;">.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">On August 13, 2024, the Board of Directors approved the cancellation of 7,500,000 ordinary shares issued by the Company, acquired and held in treasury, without reducing the value of the share capital, The effects were transferred to shareholders' equity as &#8220;Cancellation of treasury shares&#8221;, between &#8220;Capital transactions&#8221; and &#8220;Treasury shares&#8221; in the amount of R$118,975.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">As of</font> <font style="line-height: inherit;">December 31</font><font style="line-height: inherit;">, 202</font><font style="line-height: inherit;">4</font><font style="line-height: inherit;">, the Company had 3,747,965 shares in treasury (</font><font style="line-height: inherit;">6,514,511 shares </font><font style="line-height: inherit;">as of</font><font style="line-height: inherit;"> December 31, 2023</font><font style="line-height: inherit;">), whose market price was R$8.16.</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Statutory reserve - special reserve</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 436.05pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 42.4pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Its purpose is to strengthen working capital and finance the maintenance, expansion, and development of the company's core activities.</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Legal reserve</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 460.6pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 42.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In accordance with Law 6,404, it is created by appropriating 5% of net income for the year up to a maximum of 20% of capital.</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>130</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<div>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">e)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Dividends</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; vertical-align: top; width: 460.6pt; background-color: #f2f2f2;">
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 42.4pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In accordance with corporate law, a mandatory minimum dividend equal to 25% of the company's annual net profit is allocated, adjusted for changes in the reserves.</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 42.4pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The next Ordinary General Meeting will discuss dividends, allocation of net income for the year, and excess of profit reserves, as determined by article 199 of the Corporate Law.</font></p>




















</td>




















</tr>









































</table>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="color: #0078ab; font-family: times in roman; font-size: 10pt; font-weight: bold; margin: 6pt 0pt 6pt 39.46pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Receivable</font></li>




















</ol>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 193px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Investments in associates </font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">i</font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">)</font></font></p>




















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investments in joint venture</font></p>




















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; width: 61%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">609,456</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">609,456</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proposed dividends</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">348,493</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">571,033</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">919,526</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,567)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,567)</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(855,188)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(351,092)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,206,280)</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">99,194</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">219,941</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">319,135</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proposed dividends</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,171,126</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">13,593</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">3,184,719</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Capital increase</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(127,080)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(127,080)</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Other</font><font style="line-height: inherit;"> movements</font></font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,501</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">9,501</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,138,556)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(228,342)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(3,366,898)</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">14,185</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">5,192</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">19,377</font></p>




















</td>














</tr>



































</table>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">(i)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">See composition of the balance in note 9.1.a.</font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Consolidated</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0079aa; font-weight: bold; line-height: inherit;">Investments in associates </font><font style="color: #0079aa; font-weight: bold; vertical-align: super; line-height: inherit;">(ii)</font></font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Investments in joint venture</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 61%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">161,147</font></p>




















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">161,147</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proposed dividends</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">273,346</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">626,653</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">899,999</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Proposed interest </font><font style="line-height: inherit;">on</font><font style="line-height: inherit;"> own capital</font></font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">588,078</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">588,078</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Income tax</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(88,256)</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(88,256)</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Discontinued operation</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,699)</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(62,699)</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(81,053)</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(81,053)</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(254,905)</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(906,534)</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,161,439)</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December&nbsp; 31, 2023</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">35,836</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">219,941</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">255,777</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Proposed dividends</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,175,775</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">119,647</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,295,422</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Other movements</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84,945)</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(84,945)</font></p>




















</td>




















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends received</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,018,794)</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(293,912)</font></p>




















</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,312,706)</font></p>




















</td>




















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">107,872</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">45,676</font></p>




















</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">153,548</font></p>




















</td>




















</tr>









































</table>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">(ii)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">See composition of the balance in note 9.1.b</font></font></p>
<div style="margin: 0pt 0pt 6pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; padding-left: 28.38pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 6pt 0pt 6pt 0pt !important;">ii.  <font style="color: #0078ab; font-weight: bold; line-height: inherit;">Payable</font></font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 139px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;<font style="color: #0078ab; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Change in dividends payable</font></font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Parent Company</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 74%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of January 1, 2023</font></p>




















</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">279,979</font></p>




















</td>
<td style="vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">892,006</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Declared dividends </font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">794,289</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,239,495</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends paid</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(798,203)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,582,447)</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2023</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">276,065</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">549,054</font></p>




















</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Declared dividends </font><font style="font-size: 8pt;"><font style="vertical-align: super; line-height: inherit;">(</font><font style="vertical-align: super; line-height: inherit;">i</font><font style="vertical-align: super; line-height: inherit;">)</font></font></font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">566,401</font></p>




















</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,994,771</font></p>




















</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends paid to preferred shareholders</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(668,022)</font></p>




















</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Dividends paid</font></p>




















</td>
<td style="padding-left: 9pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(838,971)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(2,779,081)</font></p>




















</td>














</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as of December 31, 2024</font></p>




















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">3,495</font></p>




















</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">96,722</font></p>




















</td>














</tr>



































</table>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -42.55pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">(i)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="line-height: inherit;">The value of the dividend per share in the year ended December 31, </font><font style="line-height: inherit;">2024</font><font style="line-height: inherit;"> was R$1.58 real. (R$1.27 real on December 31, 2023).</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>131</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 10pt 0pt 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="font-size: 13pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial&nbsp;statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: #ffffff; font-size: 13.3333px; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of<font>&nbsp;</font>Reais, except when otherwise indicated)</font></p>
<p style="margin: 10pt 0pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">f)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">Other comprehensive income</font></font><br></p>














</div>
<div style="line-height: 1.2; margin: 10pt 0pt 0pt; text-indent: 0pt;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Comprehensive (loss) income</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="background-color: #ffffff; padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2024</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff; width: 61%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loss on cash flow hedge</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,487,128)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(393,651)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 12%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,880,779)</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency translation differences</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,838,413</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">537,111</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,375,524</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit; font-family: 'times new roman', times;"><font style="line-height: inherit;">Actuarial </font><font style="line-height: inherit;">gains (</font><font style="line-height: inherit;">losses</font><font style="line-height: inherit;">)</font><font style="line-height: inherit;"> on defined benefit plan</font></font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(291,213)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">162,598</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(128,615)</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax on actuarial losses on defined benefit plan</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,012</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(55,283)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">43,729</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loss on measurement of derivative financial instrument</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,631)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,631)</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in the fair value of a financial asset</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,152</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,152</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income tax on financial asset</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,232)</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,232)</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">164,373</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">250,775</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">415,148</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Attributable to:</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Controlling shareholders</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">314,325</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">251,530</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">565,855</font></p>




















</td>




















</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling shareholders</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(149,952)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(755)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(150,707)</font></p>




















</td>




















</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>




















</tr>









































</table>














<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2022</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Comprehensive (loss) income</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">12/31/2023</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 61%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loss on cash flow hedge</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,361,895)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(125,233)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(1,487,128)</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Foreign currency translation differences</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">2,010,914</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(172,501)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">1,838,413</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Actuarial losses on defined benefit plan</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(219,663)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(71,550)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(291,213)</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred tax on actuarial losses on defined benefit plan</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">74,685</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">24,327</font></p>




















</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">99,012</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Loss on measurement of derivative financial instrument</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,631)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(45,631)</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Change in the fair value of a financial asset</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,152</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">77,152</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Deferred income tax on financial asset</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,232)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8212;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(26,232)</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">509,330</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">(344,957)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">164,373</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Attributable to:</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>






</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Owners of the Company</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">567,546</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(253,221)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">314,325</font></p>




















</td>






</tr>
<tr style="height: 16px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Non-controlling interests</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(58,216)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(91,736)</font></p>




















</td>
<td style="vertical-align: middle; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>




















</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 16px;">
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">(149,952)</font></p>




















</td>






</tr>



























</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>














</div>



















</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB18_271202516154488" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">18. </font><font style="color: #0078ab; font-weight: bold;">EARNINGS PER SHARE</font></font></a></div>
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<tr>
<td style="padding-left: 5.4pt; vertical-align: top; width: 448.9pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 35.45pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Earnings per share, both basic and diluted, are a financial indicator that shows a company's net income per common share outstanding.</font></p>
<p style="margin: 6pt 0pt 6pt 36pt; orphans: 0; text-align: justify; text-indent: -18pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Basic Earnings per Share</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic earnings per share are calculated by dividing the income attributable to the Company's shareholders by the weighted average number of common shares outstanding during the year, excluding common shares purchased by the Company and held as treasury shares.</font></p>
<p style="margin: 6pt 0pt 6pt 36pt; orphans: 0; text-align: justify; text-indent: -18pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Diluted Earnings per Share</font></font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted earnings per share are calculated by dividing the income attributable to the holders of common capital of the parent company by the weighted average number of common shares outstanding during the year plus the weighted average number of common shares that would be issued upon conversion of all potentially dilutive common shares into common shares.</font></p>












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</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>132</font></font></td>



</tr>







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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>



</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following table presents the calculation of earnings per share (in thousands of reais, except for amounts per share):</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 212px; width: 100%;" width="100%">

<tr>
<td style="padding: 0px; vertical-align: middle;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Basic and diluted - Continuous operation</font></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;"><br></td>
<td style="vertical-align: middle;"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;"><br></td>






</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 75%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income attributable to holders of common shares of Company used<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;in calculating basic earnings per share</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,608,882)</font></p>












</td>
<td style="vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,078,737</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluting effect of the share-based plan of subsidiaries</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(814)</font></p>












</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Income attributable to holders of common shares of<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;Company used in the calculation of diluted earnings per share</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(9,608,882)</font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,077,923</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Weighted average number of common shares<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;outstanding - basic (in thousands of shares)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,862,704</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,867,005</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of the share-based plan</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,341</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share repurchases</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(257)</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Diluted</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1,862,447</font></td>
<td style="vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1,874,346</font></td>






</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">Earnings</font><font style="font-weight: bold;"> (losses)</font><font style="font-weight: bold;"> per share</font></font></p>












</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(R$5.1586)</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.5778</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(R$5.1593)</font></p>












</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.5751</font></p>












</td>






</tr>



















</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 195px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="color: #0078ab; font-weight: bold;">Basic and diluted - </font><font style="color: #0078ab; font-weight: bold;">Discontinued</font><font style="color: #0078ab; font-weight: bold;"> operation</font></font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>









</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px; width: 75%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income attributable to holders of common shares&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">of Company used in calculating basic earnings per share</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp; &nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">185,087</font></p>












</td>
<td style="vertical-align: middle; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,654</font></p>












</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Income attributable to holders of&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">common shares of Company used in the&nbsp;calculation of diluted earnings per share</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">185</font><font style="font-weight: bold;">,</font><font style="font-weight: bold;">087</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">15,654</font></p>












</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>









</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Weighted average number of common shares&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">outstanding - basic (in thousands of shares)</font></font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>









</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,862,704</font></p>












</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,867,005</font></p>












</td>









</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dilutive effect of the share-based plan</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,354</font></p>












</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7,341</font></p>












</td>









</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Diluted</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">1</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">870</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">,</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;">058</font></td>
<td style="vertical-align: middle; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 19px; text-align: right; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">1,874,346</font></td>









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<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>









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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Earnings per share</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>









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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basic</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.0994</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.0084</font></p>












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<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Diluted</font></p>












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<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.0990</font></p>












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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">R$0.0084</font></p>












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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="font-size: 11pt; line-height: 115%; margin: 0pt 0pt 10pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Diluting instruments</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; text-indent: 35.45pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the fiscal year ended December 31, 2024, 256,753 shares related to the Company's share repurchase plan were considered in the analysis of diluted earnings per share, as they increase the loss per share.</font></p>
<p style="margin: 6pt 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Anti-dilution instruments</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the year ended December 31, 2024, 7,353,624 (12,269,677 as of December 31, 2023) shares related to the Company's share based payment plan were considered in the earnings per share analysis, but did not affect calculations, as they increase earnings per share.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB19_2712025161522241" class="customBookmark"></a><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB19_2712025161523758" class="customBookmark"><font style="color: #0078ab; font-weight: bold;">19. </font><font style="color: #0078ab; font-weight: bold;">NET SALES</font></a></div>
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<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company presents gross revenue from sales and services, sales deductions, rebates and taxes, as required for Brazilian companies according to Law No. 6,404/76, Section V, Art. 187. The main sources of revenue are:</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">i.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Sale of products </font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company recognizes sales revenue upon delivery to the customer. Delivery is considered to be the moment when the customer accepts the goods and the risks and rewards related to ownership are transferred. Revenue is recognized at this time provided that revenue and costs can be measured reliably, receipt of consideration is probable and there is no ongoing management involvement with the products.</font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The lubricants are sold in identified contracts with individual customers and in sets, as a package of goods or services.</font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Some lubricant sales contracts cannot be purchased separately from a package of services. However, the goods and services are clearly distinguished in the contracts. This type of sales represents two separate performance obligations and, therefore, revenue will be recognized for each of these performance obligations when control of the respective goods and services is transferred to the customer. The transaction price is allocated to different performance obligations based on the stand-alone selling price, in which revenues are identified, measured and recorded separately. Trade incentives, including cash incentives, volume discounts and rebates, and free or discounted goods or services, are accounted for as a reduction in revenue.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">ii.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Billed revenue </font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company, through distributors directly and indirectly controlled by Compass G&#225;s e Energia, provides natural gas distribution services in the locations where they hold the concession right. The fair value and selling prices of individual services are broadly similar.</font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Gas distribution revenue is recognized when its value can be reliably measured, and is recognized in the income statement in the same period in which the volumes are delivered to customers based on monthly measurements performed.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">iii.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Unbilled revenue</font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Unbilled gas revenue refers to the amount of gas delivered that has not yet been metered and billed to customers. This estimate is based on the period between the last measurement date and the last day of the month. </font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Actual volume billed may vary from estimates. The Company believes, based on past experience with similar operations, that the estimated amount of unbilled services will not differ significantly from the actual amount.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">iv.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Concession construction revenue</font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The construction of the necessary infrastructure for gas distribution is regarded as a construction service provided to the Granting Authority, and revenue is recognized over time using the incurred cost method. The costs are deducted from income when they are incurred.</font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Advances received are accounted for as contractual liabilities.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">v.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">S</font><font style="color: #0078ab; font-weight: bold;">ervices</font><font style="color: #0078ab; font-weight: bold;"> rendered </font> </font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenue is recognized over time as services are provided. The stage of completion to determine the amount of revenue to be recognized is evaluated based on assessments of progress of work performed.</font></p>
<p style="margin: 6pt 0pt 0pt 35.45pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">If services under a single contract occur in different periods, consideration is allocated based on their individual sales prices. The individual selling price is determined on the basis of the list prices at which the Company sells the services in separate transactions.</font></p>












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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>134</font></font></td>






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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 13pt; line-height: 108%; margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">vi.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Logistics services provided</font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenues from the provision of services are recognized when the entity transfers to the counterpart the significant risks and benefits inherent to the provision of services, when it is probable that the economic benefits associated with the transaction will flow to the Company, as well as when its related value and incurred costs can be reliably measured.</font></p>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Service prices are fixed based on service orders or contracts. The Company&#8217;s revenue is basically comprised of rail freight, road freight, container transport and port elevation services, which is why the above criteria are normally met to the extent that the logistics service is provided.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">vii.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Lease revenues</font></font></div>
<p style="margin: 6pt 0pt 6pt 35.45pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Rental revenue is recognized on a straight-line basis over the term of each contract, to the extent that the contracts transfer to customers the right to use the assets for a period in exchange for consideration to the subsidiary that can be measured reliably.</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; list-style-position: inside; text-align: justify; text-indent: 0pt; margin: 6pt 0pt 6pt 0pt !important;">viii.  <font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Sale of investment properties</font></font></div>
<p style="margin: 6pt 0pt 0pt 35.45pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Revenue comprises the fair value of the consideration received or receivable for the disposal of investment property in the ordinary course of the subsidiaries&#8217; activities. Revenue is presented net of taxes, returns, allowances and discounts, and in the consolidated financial statements after eliminating sales within the subsidiary. Revenue is recognized when the subsidiary fulfils all the obligations and promises identified in the contract for the transfer of the assets to the customer.</font></p>












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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 75%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gross revenue from the sale of products and services</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">50,141,542</font></p>












</td>
<td style="width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45,298,287</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction revenue</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,602,284</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,494,142</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Indirect taxes and other deductions</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,793,084)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,323,932)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net sales</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">43,950,742</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">39,468,497</font></p>












</td>






</tr>



















</table>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the following table, revenue is disaggregated by products and service lines and timing of revenue recognition:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 75%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">At a point in time</font></p>












</td>
<td style="vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Natural gas distribution</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,186,691</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,737,450</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Lubricants, base oil and other</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,424,869</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,285,675</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Lease and sale of property</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,441,809</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">743,411</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">596,633</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">538,445</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">27,650,002</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">26,304,981</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Over time</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Railroad transportation services</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,251,052</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,379,017</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Container operations</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">685,337</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">558,699</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction revenue</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,602,284</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,494,141</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other services</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">823,500</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">792,951</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">16,362,173</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">13,224,808</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Eliminations</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(61,433)</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(61,292)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total net sales</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">43,950,742</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">39,468,497</font></p>












</td>






</tr>



















</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>135</font></font></td>


</tr>





</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>


</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 13pt; line-height: 108%; margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<div style="margin: 6pt 0pt; text-align: justify;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB20_2712025161539511" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20. COSTS AND EXPENSES BY NATURE</font></a></div>
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<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accounting policy:</font></p>
<p style="margin: 0pt; orphans: 0; text-align: justify; widows: 0;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company and its subsidiaries account for natural gas distribution concession contracts using the intangible asset model in accordance with ICPC 01/IFRIC 12 and CPC 04/IAS 38 and classify the amortization of the concession contract as cost of sales.</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 36pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expenses are presented in the statement of profit or loss and other comprehensive income by function. The income reconciliation by nature/purpose is as follows:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent Company</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












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<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












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<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












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<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












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<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












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<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; width: 49%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Raw materials</font></p>












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<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,134,069)</font></p>












</td>
<td style="height: 17px; width: 1%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; width: 12%; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,291,453)</font></p>












</td>






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<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Commodity cost (natural gas)</font></p>












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<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(12,083,199)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,919,415)</font></p>












</td>






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<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Railroad transport and port elevation expenses</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,129,514)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,696,333)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other transport</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(484,136)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(523,747)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Depreciation and amortization</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,862)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(14,401)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,868,583)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,364,943)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Personnel expenses</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(234,779)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(317,936)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,115,478)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,893,919)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Construction cost</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,602,284)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,494,141)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Expenses with third-party services</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(55,483)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(46,816)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(901,372)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(952,294)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling expenses</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(81)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(29)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(42,815)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(37,451)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of properties sold (Note 8)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(746,956)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(153,470)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other&nbsp; </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(61,949)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(58,208)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,548,827)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,101,274)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(368,154)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(437,390)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(34,657,233)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(32,428,440)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cost of sales</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(30,236,061)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(28,549,896)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Selling expenses</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,575,890)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,350,570)</font></p>












</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">General and administrative expenses</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(368,154)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(437,390)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,845,282)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,527,974)</font></p>












</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(368,154)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(437,390)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom"><br></td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(34,657,233)</font></p>












</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(32,428,440)</font></p>












</td>






</tr>



















</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>136</font></font></td>





</tr>











</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>





</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="font-size: 13pt; line-height: 108%; margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="color: #0078ac; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB21_2712025161552242" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">21. </font><font style="color: #0078ab; font-weight: bold;">OTHER OPERATING INCOME (EXPENSES), NET</font></font></a><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent Company</font></p>












</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 49%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Tax credits </font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">15,861</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60,282</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 1%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">43,835</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in fair value of investment&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">properties &#8211; Note 11.5</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp; &nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,273,033</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,259,924</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Loss on disposals of non-current&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">assets and intangible assets</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp; &nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(16)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13,563</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141,863</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,016)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Result on sale of investments <font style="font-size: 8pt;"><font style="vertical-align: super;">(</font><font style="vertical-align: super;">i</font><font style="vertical-align: super;">)</font></font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(383,205)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net effect of provisions for legal proceedings,&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">legal claims, recoverable and tax installments</font></font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp; &nbsp;&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(47,391)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(86,619)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(313,876)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(204,158)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Dividends received from Vale S.A.</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,339,340</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Contractual agreement and others <font style="vertical-align: super; font-size: 8pt;">(ii)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">689,764</font></p>












</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(143,221)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Reversal of other provisions <font style="vertical-align: super; font-size: 8pt;">(iii)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">291,032</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Realization of deferred income</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">923,214</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other income</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">78,059</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66,850</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168,245</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">303,825</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Net impairment loss<font style="vertical-align: super; font-size: 8pt;"> (iv)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,155,400)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Gain on corporate restructuring <font style="vertical-align: super; font-size: 8pt;">(v)</font></font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168,855</font></p>












</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>












</td>






</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Other</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(172,664)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(63,050)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(546,159)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(581,366)</font></p>












</td>






</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(126,151)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(69,256)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,605,566)</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>












</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">3,924,377</font></p>












</td>






</tr>



















</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<table style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 2%;"><br></td>
<td style="vertical-align: top; width: 3%;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net effect of the sale of a stake in Vale S.A., as per note 2.</font></td>






</tr>
<tr>
<td><br></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Refers mainly to a commercial agreement with suppliers of the indirect subsidiary Compass.</font></td>






</tr>
<tr>
<td><br></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In the second quarter of 2024, the subsidiary Comg&#225;s reassessed and concluded, in accordance with the criteria of CPC 25 / IAS 37, that there is currently no probable outflow of resources for part of the amount then recorded in its statement of financial position under &#8220;Other liabilities&#8221;, thus proceeding with its reversal.</font></td>






</tr>
<tr>
<td><br></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The balance includes provision for write-off of the residual value of assets with traffic directly interrupted by the extreme weather events in Rio Grande do Sul, in the amount of R$182,041 and impairment of the subsidiary Rumo Malha Sul S.A. It also includes an impairment value of the indirect subsidiary Rota 4 Participa&#231;&#245;es S.A., in the amount of R$6,155.</font></td>






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<tr>
<td><br></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">The amount refers to the additional purchase price that CLI SUL undertook to pay to the subsidiary Rumo, under the terms of the purchase and sale agreement.</font></td>






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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>












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<div>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB22_2712025161618502" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">22. FINANCE RESULTS, NET</font></a></div>
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<tr>
<td style="padding-left: 5.4pt; padding-right: 0pt; vertical-align: top; width: 448.9pt; background-color: #f2f2f2;">
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial income comprises:</font></p>
<p style="margin: 6pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Interest income on invested funds;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Dividends;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Gains on the fair value of financial assets measured at fair value through profit or loss;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Gains on the remeasurement of the fair value of any pre-existing interest in an acquisition in a business combination;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Gains on hedging instruments that are recognised in profit or loss;</font></p>
<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Reclassifications of net gains previously recognised in other comprehensive income.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Interest income is recognised in profit or loss using the effective interest method. Dividend income is recognised in profit or loss on the date on which the Company's right to receive payment is established, which, in the case of listed securities, is normally the ex-dividend date.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Financial expenses comprise:</font></p>
<p style="margin: 6pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Interest expense on loans;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Settlement of discount provisions and deferrals;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Losses on disposal of available-for-sale financial assets;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Dividends on preferred shares classified as liabilities;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Fair value losses of financial assets at fair value through profit or loss and contingent consideration;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Impairment losses recognized on financial assets (other than accounts receivable);</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Losses on hedging instruments that are recognized in profit or loss;</font></p>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; text-indent: -18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&#8226;<font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Reclassifications of net losses previously recognized in other comprehensive income.</font></p>


























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<p style="font-size: 11pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>137</font></font></td>






















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<p style="margin: 0pt; text-align: left;"><br></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: left;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

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<td style="padding-left: 5.4pt; padding-right: 0pt; vertical-align: top; width: 448.9pt; background-color: #f2f2f2;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss using the effective interest method.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Exchange gains and losses on financial assets and financial liabilities are reported on a net basis as finance income or finance cost, depending on whether net foreign currency fluctuations result in a profit or loss position.</font></p>


























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</table>
<p style="margin: 0pt; text-align: left;"><br></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The details of financial income and expenses are as follows:</font></p>
<p style="margin: 0pt; text-align: left;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 561px;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"> <br></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent Company</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 57%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cost of gross debt</font></p>


























</td>
<td style="width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="width: 1%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="width: 1%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="width: 1%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on debt </font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,820,040)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(969,613)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,767,426)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(4,267,829)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Monetary and exchange rate variation </font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,969,526)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60,798</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,795,089)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,921,632</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivatives and fair value measurement </font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,827,880</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,253,705)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,787,479</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,684,111)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Amortization of borrowing costs</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(21,009)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,529)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(113,136)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(64,588)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Guarantees and warranties</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,079)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(38,773)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,982,695)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(2,172,049)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(7,924,251)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(5,133,669)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Income from financial investments and exchange rate in cash and cash equivalents</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">200,927</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">222,839</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,975,811</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,057,369</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Changes in fair value of investments in listed entities </font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,147,031)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">200,927</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">222,839</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,975,811</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,089,662)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Cost of debt, net</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,781,768)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,949,210)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(5,948,440)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(6,223,331)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Other charges and monetary variations</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on other receivables</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">63,336</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45,285</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">464,883</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">450,478</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Update of other financial assets</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,777</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,777</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Monetary variation on leases and concessions agreements</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(387,044)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(514,236)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on leases</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,005)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,574)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(641,144)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(444,850)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on shareholders&#8217; equity</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,295)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">481,753</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(44,464)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(46,212)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on contingencies and contracts</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(19,362)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(217,481)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(605,231)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(781,087)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on sectoral assets and liabilities</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(88,170)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(97,845)</font></p>


























</td>






















</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Bank charges and other <font style="font-size: 8pt;"><font style="vertical-align: super;">(</font><font style="vertical-align: super;">i</font><font style="vertical-align: super;">)</font></font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(40,703)</font></p>


























</td>
<td style="height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(36,319)</font></p>


























</td>
<td style="height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">155,624</font></p>


























</td>
<td style="height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 22px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(107,747)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Foreign exchange, net</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,513,820)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">186,321</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,655,731)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(133,974)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(3,514,849)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">457,762</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(2,801,277)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,673,696)</font></p>


























</td>






















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Financial result, net</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(5,296,617)</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,491,448)</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(8,749,717)</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(7,897,027)</font></p>


























</td>






















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Reconciliation</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Finance expenses</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,357,419)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,934,520)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,637,116)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(11,337,430)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Finance income</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">291,426</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">829,235</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,655,899</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,028,134</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exchange variation, net</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,557,941)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">712,582</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,741,359)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,777,438</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Derivatives</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">327,317</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,098,745)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,972,859</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,365,169)</font></p>


























</td>






















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Financial result, net</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(5,296,617)</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,491,448)</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(8,749,717)</font></p>


























</td>
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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(7,897,027)</font></p>


























</td>






















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</table>






















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<div>
<p style="margin: 0pt; text-align: left; line-height: 1.2;"><br></p>
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<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 95%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">On December 9, 2024, the indirect subsidiary Comg&#225;s, based on Technical Note No. SEI-0048454038 issued by Arsesp and the right guaranteed under its current Concession Contract, revised the measurement of its estimate of the indemnifiable financial asset, impacting the way in which the indemnity is recognized. This change in estimate had a greater impact on the financial result, as well as less significant impacts on the &#8220;Net operating revenue&#8221; and &#8220;Other assets&#8221; headings.</font></td>






















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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>138</font></font></td>






















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<p style="margin: 6pt 0pt 0pt; text-align: right; text-indent: 0pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 13pt; line-height: inherit;"><font style="color: #0078ac; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold; line-height: inherit;">t</font></font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.1;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<div style="margin: 6pt 0pt; text-align: justify; text-indent: 0pt; line-height: 1.1;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB23_2712025161629926" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">23. POST-EMPLOYMENT BENEFITS</font></a></div>
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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Accounting policy</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The cost of defined benefit pension plans and other post-employment and the present value of the pension obligation is determined using actuarial valuations. An actuarial valuation involves the use of various assumptions which may differ from actual results in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. A defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed by management at each reporting date.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">i.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Defined contribution</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A defined contribution plan is a post-employment benefit plan in which the Company pays fixed contributions to a separate entity and has no legal or constructive obligation to pay additional amounts. Obligations for contributions to defined contribution plans are recorded as an employee benefit expense in the financial results during the periods in which the related services are rendered by employees. Contributions to a defined contribution plan that are due more than 12 months after the end of the service period are discounted to their present value.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company sponsors a defined contribution private pension plan named <font style="font-style: italic; line-height: inherit;">Plano de </font><font style="font-style: italic; line-height: inherit;">Aposentadoria</font> <font style="font-style: italic; line-height: inherit;">FuturaFlex</font> (for the employees of Compass, Comg&#225;s and Commit), managed by <font style="font-style: italic; line-height: inherit;">FuturaMais</font> &#8211; Complementary Pension Fund Entity (<font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Complementar</font>) (formerly named RaizPrev &#8211; Private Pension Fund Entity (<font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Privada</font>), which merged <font style="font-style: italic; line-height: inherit;">Futura II</font> &#8211; <font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Complementar</font>). The Entity has administrative, asset and financial autonomy, and has as object the management and execution of social security benefit plans, as defined in the Regulation of Benefit Pension Plans.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has no legal or contractual obligations that may generate the need to make additional extraordinary contributions if the plan presents a deficit result.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">ii.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Variable contribution</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">A variable contribution plan is also known as a mixed plan that brings together aspects of the BD &#8211; defined benefit and the DC &#8211; defined contribution.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The other companies of the Group sponsor a supplementary pension plan structured in the Variable Contribution modality, called the Future Retirement Plan II, also managed by <font style="font-style: italic; line-height: inherit;">FuturaMais</font> &#8211; Complementary Pension Fund Entity (formerly called RaizPrev &#8211; Private Pension Entity, which incorporated Futura II &#8211; Complementary Pension Entity). It brings together the characteristics of the Defined Contribution for scheduled benefits (normal and early retirement) and the Defined Benefit for risk benefits (sickness benefit, disability, savings and death pension).</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">iii.&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Defined benefit </font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The defined benefit plan is a plan in which the participants have the due benefit established by means of regulatory provisions. The cost is determined through actuarial evaluations, which are conducted at least annually based on assumptions. </font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Pension Plan</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Pension Plan, managed by Futura &#8211; <font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Complementar</font>, is sponsored by Cosan Lubrificantes e Especialidades S.A., and is closed since 2011.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">According to the regulation, which leads the Company to adopt such a provision in the present value of benefits and that assisted participants receive annuity according to the plan. The main actuarial risks are: </font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -28.35pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>life expectancy longer than specified in the mortality table; </font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -28.35pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>the return on equity under the actuarial discount rate plus the accrued IGP-DI; and </font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -28.35pt; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="font-weight: normal; line-height: inherit;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>real family structure of different hypotheses of established retirement. </font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">Health insurance</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Company has defined benefit plans related to medical assistance in the subsidiaries Comg&#225;s and Compagas. The Subsidiary Comg&#225;s offers the following post-employment health care benefits, granted to former employees and their dependents who retired up to May 31, 2000. After this date, only employees with 20 years contribution to Social Security (Instituto Nacional do Seguro Social), or &#8220;INSS,&#8221; and 15 years uninterrupted work at the Company up to May 31, 2000, are entitled to this defined benefit plan, provided that, on the date of retirement, they were working at the Company.</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compagas offers the Pr&#243;-Sa&#250;de Plan for employees and their dependents, with monthly contributions from the sponsor and employees. Beneficiaries on retirement will have the right to remain in the plan for life.</font></p>


























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<p style="margin: 6pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
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<p style="margin: 10pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; float: none; display: inline !important;">The main risks of this plan are the longer survival of the beneficiaries and the higher cost of medical inflation compared to those considered in the calculations.</font></font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Pension plan</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Compagas offers a defined contribution plan of the mixed type, which is characterized by the accumulation of savings during the employees' active phase and when they retire it is converted into a life annuity.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt 6pt 42.55pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The main risks of this plan are greater survival of the beneficiaries and greater salary growth in relation to those considered in the calculations.</font><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The liability recognized in the statement of financial position in respect of defined benefit post-employment plans is calculated annually by independent actuaries.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 34.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amount recognized in the statement of financial position in relation to health plan liabilities represents the present value of the obligations less the fair value of the assets, including actuarial gains and losses. Remeasurement of the net obligation, which include: actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset cap (if any, excluding interest), are recognized immediately in other comprehensive income. Net interest and other expenses related to defined benefit plans are recognized in profit or loss.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Actuarial gains and losses based on experience adjustments and changes in actuarial assumptions are recognized directly in equity as other comprehensive income, when incurred.</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Defined contribution</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Futura II</font></p>


























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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">298</font></p>


























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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">333</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Defined benefit</font></p>


























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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Futura</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">141,050</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">175,150</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Health Insurance</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">385,272</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">442,164</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 9pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">526,322</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">617,314</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">526,620</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">617,647</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">DETAILS OF CURRENT PLANS</font></p>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Defined contribution</font></font></p>
<p style="margin: 0pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">During the year ended December 31, 2024, the amount of employee contributions increased to R$111 (R$103 as of December 31, 2023).</font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">b)</font><font style="color: #0078ab; font-weight: bold;">&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font><font style="color: #0078ab; font-weight: bold;">Defined benefit</font></font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt; line-height: 1.3;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The subsidiary Cosan Lubrificantes e Especialidade (&#8220;CLE&#8221;) sponsors <font style="font-style: italic; line-height: inherit;">Futura</font> - <font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Complementar</font> ("Futura"), formerly known as Previd Exxon - <font style="font-style: italic; line-height: inherit;">Entidade</font><font style="font-style: italic; line-height: inherit;"> de </font><font style="font-style: italic; line-height: inherit;">Previd&#234;ncia</font> <font style="font-style: italic; line-height: inherit;">Complementar</font>, whose primary objective is to provide supplemental benefits within certain limits established by the Retirement Plan regulations. On May 5, 2011, the competent authorities authorized a modification to this plan to exclude new participants. The contributions totaled R$16,252 for the year ended December 31, 2024 (R$13,199 for the year ended December 31, 2023). The weighted average duration of the obligation is 8.9 years as of December 31, 2024 and 2023. In 2025, CLE expects to make a contribution of R$16,328 to its defined benefit plan.</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">c)</font><font style="color: #0078ab; font-weight: bold;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Pension plan</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The subsidiary Compass recorded in the statement of profit or loss the amount of R$15,076 (R$14,647 as of December 31, 2023) related to contributions to the defined contribution pension plan.</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In addition, the indirect subsidiary Compag&#225;s performed the actuarial analysis of the defined benefit pension plan, which is in surplus and, therefore, no balances were recorded. The details are below:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="color: #0078ab; font-weight: bold;">12/31</font><font style="color: #0078ab; font-weight: bold;">/2024</font></font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 88%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Liability at year-end</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(32,604)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Financial assets at year-end</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42,435</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accrued surplus</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">9</font><font style="font-weight: bold;">,</font><font style="font-weight: bold;">831</font></font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Asset limit effect</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(9,831)</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;"> Liability to be recognized</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: middle; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt; text-align: left;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>140</font></font></td>















</tr>































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>















</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">d)<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -37.8px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font><font style="color: #0078ab; font-weight: bold;">Medical plan</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Obligations related to post-employment benefit plans, which include medical assistance and retirement incentives, sick pay and disability pension.</font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The defined benefit pension plan is governed by Brazilian labor laws, which mandate that final salary payments during retirement be adjusted for the consumer price index at the time of payment. The level of benefits provided is dependent on the member's length of service and final salary. During the year ended December 31, 2024, the contributions amounted to R$31,169 (R$27,088 for the year ended December 31, 2023). The weighted average duration of the obligation is 8.9 years (10.9 years as of December 31, 2023) in the subsidiary Comg&#225;s and 20.4 years (27.5 years in 2023) in the subsidiary Compagas. In 2025, the subsidiaries expect to make a contribution of R$46,643 to their defined benefit plan.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">BREAKDOWN AND CHANGES IN CURRENT PLANS</font></p>
<p style="margin: 6pt 0pt 6pt 7.1pt; text-align: justify; text-indent: 21.25pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The details of the present value of the defined benefit obligation and the fair value of the plan assets are as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 75%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Actuarial obligation at beginning of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,141,841</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,097,982</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current service cost</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">386</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">157</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Business combination</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9,560</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on actuarial obligation</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">105,302</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">107,057</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Early settlement in the plan</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial (gain) loss arising from financial assumptions</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(170,791)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,807</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial loss (gain) arising from experience adjustment</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23,181</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(62,889)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial gains arising from demographic assumptions</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">505</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">22,116</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Benefit payments</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(91,684)</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(85,389)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Actuarial obligation at the end of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,018,300</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,141,841</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fair value of plan assets at the beginning of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(524,527)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(522,474)</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest income</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(46,423)</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(49,720)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Return on investments in the year (excluding interest income)</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">34,709</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,443</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Early settlement in the plan</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Employer contributions</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(43,340)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(40,278)</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Benefit payments</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">87,603</font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">85,502</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Fair value of plan assets at the end of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">(491</font><font style="font-weight: bold;">,</font><font style="font-weight: bold;">978)</font></font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(524,527)</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Net defined benefit liability</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold;">526</font><font style="font-weight: bold;">,</font><font style="font-weight: bold;">322</font></font></p>


























</td>
<td style="background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; background-color: #cceeff; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">617,314</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>141</font></font></td>















</tr>































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>















</div>
<p style="margin:0pt"><br></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The total expense recognized in the financial results is as follows:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 68px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 75%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Current service cost</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 12%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(386)</font></p>


























</td>
<td style="width: 1%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 12%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(157)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Interest on actuarial obligation</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(58,879)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(57,337)</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(59,265)</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(57,494)</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Total amount recognized as accumulated other comprehensive income:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 138px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; width: 75%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accumulated at the beginning of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">180,311</font></p>


























</td>
<td style="height: 17px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">204,788</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial gain (loss) arising from financial assumptions</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">168,351</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(62,807)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial (loss) gain arising from experience adjustment</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(23,575)</font></p>


























</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">62,889</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Actuarial loss arising from demographic assumptions</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(22,116)</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Return on investments in the year (excluding interest income)</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(34,709)</font></p>


























</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,443)</font></p>


























</td>






















</tr>
<tr style="height: 18px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accumulated at the end of the year</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">290,378</font></p>


























</td>
<td style="height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; height: 18px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">180,311</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The plan's assets consist of the following:</font><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Value</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">%</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Value</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">%</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 49%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Fixed income</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">491,194</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">100.00%</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">523,743</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">100.00%</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">491,194</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">100.00%</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">523,743</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">100.00%</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Plan assets consist of financial assets quoted on active markets and are therefore classified as Levels 1 and 2 in the fair value hierarchy. The expected rate of return on plan assets is determined based on market expectations applicable to the period during which the obligation is to be settled at the time the rate is determined. </font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The following are the primary assumptions used to determine the Company's and its subsidiaries' benefit obligations:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 138px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Future</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Health insurance</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2024</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">12/31/2023</font></p>


























</td>






















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 43%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Discount rate</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11.07%</font></p>


























</td>
<td style="height: 10px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">9.29%</font></p>


























</td>
<td style="height: 10px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 17%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12.14% p.a.</font></p>


























</td>
<td style="height: 10px; width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; width: 17%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.12% p.a.</font></p>


























</td>






















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Inflation rate</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.50%</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.50%</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.50% p.a.</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.50% p.a.</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Future salary<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;increases</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Morbidity (aging<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;factor)</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.00%</font></p>


























</td>
<td style="height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.00%</font></p>


























</td>






















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Future pension<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;increases</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.50%</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.50%</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.00% p.a.</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3.00% p.a.</font></p>


























</td>






















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Overall mortality<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;(segregated by sex)</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">AT-2000 (smoothed in 10%)</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">AT-2000 (smoothed in 10%)</font></p>


























</td>






















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Disability mortality</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IAPB-1957</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">IAPB-1957</font></p>


























</td>






















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Entry into disability<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;(modified)</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">UP-84 modified</font></p>


























</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">UP-84 modified</font></p>


























</td>






















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Turnover</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.60/ (service time +1)</font></p>


























</td>
<td style="height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">0.60/ (service time +1)</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>142</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Sensitivity analysis</font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in the discount rate is one of the relevant actuarial assumptions, as it impacts the defined benefit obligation. The following table demonstrates the sensitivity of the defined benefit obligation to changes in the discount rate, keeping other assumptions constant:</font><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Discount rate</font></p>


























</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Medical inflation</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Increase 0.50%</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Reduction (0.50)%</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Increase 0.50%</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0079aa; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Reduction (0.50)%</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; width: 49%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Futura</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">611,199</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">654,754</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="width: 1%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 12%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Health insurance</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(17,382)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">18,988</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(432)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">520</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">There have been no changes regarding biometric and demographic assumptions compared to previous years and the methods adopted in preparing the sensitivity analysis.</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: left;"><br></p>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB24_27120251616465" class="customBookmark"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">24. SHARE-BASED PAYMENT</font></a></div>
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<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Accounting policy:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The fair value of share-based payment benefits at the grant date is recognized, as personnel expenses, with a corresponding increase in equity, for the period in which employees unconditionally acquire the right to the benefits and ratably over the vesting period.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The amount recognized as an expense is adjusted to reflect the number of shares for which there is an expectation that the service conditions and non-market acquisition conditions will be met, such that the amount ultimately recognized as an expense is based on the number of shares that actually meet the service conditions and non-market acquisition conditions on the date the payment rights are acquired (vesting date). For share-based payment benefits with a non-vesting condition, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no modification for differences between expected and actual benefits.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The fair value of the amount payable to employees in respect of share appreciation rights, which are settled in cash, is recognized as an expense with a corresponding increase in liabilities during the period in which employees unconditionally acquire the right to payment. Liabilities are remeasured at each financial position date and settlement date, based on the fair value of share appreciation rights. Any changes in the fair value of the liability are recognized in profit or loss as personnel expenses.</font></p>


























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<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company and its subsidiaries have Share-Based Compensation Plans that are payable in shares and cash. As of December 31, 2024, the Group has the following share-based payment arrangements:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">Programs granted up to December 31, </font><font style="color: #0078ab; font-weight: bold;">2023</font><font style="color: #0078ab; font-weight: bold;"> and still in force</font></font></p>
<p style="margin: 0pt; text-align: left;"><br></p>
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<tr>
<td style="width: 4%; text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td style="width: 96%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Granting of shares (settled in shares), without lock-up, with delivery of shares at the end of the 5-year vesting period, subject only to maintenance of the employment relationship (service condition).</font></td>






















</tr>
<tr>
<td style="text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Granting of shares (settled in shares), without lock-up, with delivery of shares throughout or at the end of the 3- to 5-year vesting period, subject to:</font></td>






















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<tr>
<td style="width: 6%;"><br></td>
<td style="vertical-align: top; width: 2.5%;" valign="top">I.</td>
<td style="width: 91.5%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Part of the options being vested in part on maintenance of the employment relationship (service condition); and</font></td>






















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<tr>
<td><br></td>
<td valign="top" style="vertical-align: top;">II.</td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Part being vested in part on achievement of each of the metrics that make up the performance targets (performance conditions).</font></td>






















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<tr>
<td style="width: 4%; text-align: center; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8226;</font></td>
<td style="width: 96%; text-align: justify;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Share-based compensation plan (settled in cash) in which beneficiaries are assigned a certain number of units referenced to a theoretical share price calculated based on the Cosan Group's EBITDA for each year. The units will be paid in cash, upon compliance with the contractual conditions of a 3- to 5-year vesting period. Payments occur at the end of each cycle (3 to 5 years after the grant date), based on the converted reference value of the share at that time.</font></td>






















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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>143</font></font></td>














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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>














</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">Grants made in 202</font><font style="color: #0078ab; font-weight: bold;">4</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">In the year ended of December 31, 2024, the following share-based payments Program was established:</font><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Program</font></p>


























</td>
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<p style="margin: 0pt; text-align: center; text-indent: 35.45pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Conditions for vesting</font></p>


























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<p style="margin: 12pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Invest Partners</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 292pt; border-image: initial; height: 151px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; text-decoration: underline;">Grant January 30, 2024</font><font style="font-weight: bold; text-decoration: underline;">.</font></font></p>
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The incentive program is conditioned on service time (service condition) and performance goals (performance conditions). Of the total actions of the program, 60% are related to service time for the period of 5 years and the actions are granted annually. The rest, equivalent to 40% of the program, are related to performance goals being necessary to achieve specific metrics that can vary between 0% and 110% (to calculate the fair value was considered the achievement of 100%). Shares are locked up for one year. The 2024 grant refers only to the portion granted annually, which is linked to service conditions, (vesting period of 12 months).</font></p>


























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<p style="margin: 12pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Invest Cosan 2024</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 292pt; border-image: initial; height: 117px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Grant: July 31, 2024,</font></p>
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The incentive program is conditioned to service conditions and performance conditions. Of the total actions of the program, 50% are related to length of service for a period of 3 years. The remainder, equivalent to 50% of the program, are related to performance goals, requiring the achievement of specific metrics that can vary from 0% to 150%.</font></p>


























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</tr>
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<p style="margin: 12pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Invest Program 2024 &#8211; Rumo</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 292pt; border-image: initial; height: 117px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-weight: bold; text-decoration: underline;">Grant: August 22, 2024</font><font style="font-weight: bold; text-decoration: underline;">.</font></font></p>
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Option programs, without lock-up, with delivery of the shares at the end of the three-year vesting period, subject to i) part of the options being conditional on maintaining the employment relationship (service condition) and ii) part on achieving each of the metrics that make up the performance targets (performance conditions), with the amount of performance options granted varying between 0% and 200% depending on performance.</font></p>


























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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 103.8pt; border-image: initial; height: 99px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Phantom shares &#8211; Compass</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 292pt; border-image: initial; height: 99px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Grant: August 1, 2024.</font></p>
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Phantom share plan providing for the grant of stock appreciation rights (&#8220;SARs&#8221;). SARs offer the opportunity to receive a cash payment equal to the fair market value of Compass common stock.</font></p>


























</td>


























</tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 103.8pt; border-image: initial; height: 117px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">SOP 2024 Moove Program</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 292pt; border-image: initial; height: 117px; border-width: 1px; border-color: #000000 !important; border-style: solid;">
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; text-decoration: underline;">Granted on November 20, 2024.</font></p>
<p style="margin: 12pt 0pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The incentive program is conditional on length of service (service condition) and linked to the occurrence of a liquidity event defined in the program (performance conditions). The options granted to participants may only be exercised after they become vested options, and the maximum term for exercising the Options will be six (6) years from the date of grant.</font></p>


























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<p style="font-size: 11pt; line-height: 108%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>144</font></font></td>






















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</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






















</div>


























</div>
<div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statemen</font><font style="color: #0078ac; font-weight: bold;">t</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Award Type / Award Date</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Company</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Life expectancy (months)</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Grants under plans</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="font-family: 'times new roman', times; font-size: 8pt; line-height: inherit;"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">Exercised</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;"> / Canceled / Transferred</font></font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Available</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;"> Fair value as of grant date - R$</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td colspan="3" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Share grant program</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; width: 34%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2019</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">229,020</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(229,020)</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="width: 1%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; width: 10%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 13.44 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2020</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">68,972</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(29,720)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">39,252</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 20.93 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2021 - Invest I</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">424,839</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(424,839)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 24.38 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">09/10/2021 - Invest II</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">48</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,283,275</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,283,275)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 22.24 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10/11/2021 - Invest III</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">806,752</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(552,900)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">253,852</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 23.20 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2022 - Invest I</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">846,506</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(301,499)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">545,007</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 18.74 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11/22/2022 - Invest Partners</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">377,173</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(20,936)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">356,237</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 17.14 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">01/30/2023 - Invest Partners</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,472,325</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(7,864,867)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4,607,458</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 15.26 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2023 - Invest Cosan I - Regular</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,047,845</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(409,020)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">638,825</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 17.53 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/01/2023 - Invest Cosan III - Associates</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">546,734</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(70,697)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">476,037</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 17.68 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">01/30/2024 - Invest Partners</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,322,324</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(2,322,324)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 18.18 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2024 - Invest Cosan 2024</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,428,479</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,428,479</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 13.54 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 9pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">25,854,244</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(17,509,097)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,345,147</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/01/2023 - Program SOP A</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">72</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">699,276</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(699,276)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 142.62 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/01/2023 - Program SOP B</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">72</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">279,710</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(279,710)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 88.32 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/01/2023 - Program SOP C</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">72</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">223,768</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(223,768)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 76.54 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/01/2023 - Program SOP D</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">72</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">139,855</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(139,855)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 71.45 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11/20/2024 - Program SOP 2024</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">72</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">610,940</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">610,940</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 50.05 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 9pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,953,549</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(1,342,609)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">610,940</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 9pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/15/2019</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">843,152</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(843,152)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 22.17 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11/11/2020</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">776,142</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(404,206)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">371,936</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 20.01 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">05/05/2021</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,481,000</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,377,718)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">103,282</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 20.84 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">09/15/2021</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,560,393</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,560,393)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 18.19 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">09/01/2022</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,781,640</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(290,869)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,490,771</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 20.36 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">09/06/2023</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,724,867</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(201,544)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">1,523,323</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 21.86 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/22/2024</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo S.A.</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,433,432</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(61,015)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,372,417</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 23.37 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 9pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">10,600,626</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(4,738,897)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">5,861,729</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td colspan="5" style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Share-based compensation plan (settled in cash)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2019 - Invest I</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">132,670</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(132,670)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 50.79 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2020 - Invest II</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">60</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">106,952</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,341)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">88,611</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 61.89 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2021 - Invest III</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">80,729</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(80,729)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 102.73 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2022 - Invest IV</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">77,967</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(6,114)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">71,853</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 135.05 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2023 - Invest V</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">82,204</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,856)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">80,348</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 150.98 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">07/31/2024 - Invest VI</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">61,732</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">61,732</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 234.43 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2022</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Compass </font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">950,994</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(128,164)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">822,830</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 25.59 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2022</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Edge Comercializa&#231;&#227;o</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">31,409</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(25,531)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5,878</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 25.59 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2022</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">TRSP</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">35,604</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(5,120)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">30,484</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 25.59 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2023</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Compass</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">275,746</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(38,408)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">237,338</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 34.12 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2023</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Edge Comercializa&#231;&#227;o</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">27,006</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(16,740)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10,266</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 34.12 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2023</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">TRSP</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,246</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">26,246</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 34.12 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2024</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Compass</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">277,262</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">277,262</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 42.21 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2024</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Edge Comercializa&#231;&#227;o</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">97,535</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(18,906)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">78,629</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 42.21 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">08/01/2024</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">TRSP</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">36</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,867</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">2,867</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 42.21 </font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">11/01/2024</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Compass</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">33</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,751</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12,751</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;"> 42.21 </font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 9pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">2,279,674</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(472,579)</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">1,807,095</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Total</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">40,688,093</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">(24,063,182)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">16,624,911</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>

















































</table>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>145</font></font></td>






















</tr>













































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






















</div>
<div>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statement</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="font-size: 10pt; line-height: 108%; margin: 0pt; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Reconciliation of outstanding share grants</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The change in outstanding share grants is as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 1pt;">
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Parent company</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Consolidated</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; width: 74%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of January 1, 2023</font></p>


























</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">7,426,957</font></p>


























</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 12%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">17,876,508</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted </font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">14,066,904</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16,868,466</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised/canceled/other</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(1,456,999)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(3,187,476)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2023</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">20,036,862</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">31,557,498</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Granted </font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">3,750,803</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">6,856,907</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Addition of shares<font style="font-size: 8pt;"><font style="vertical-align: super;">(</font><font style="vertical-align: super;">i</font><font style="vertical-align: super;">)</font></font></font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&#8212;</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">605,005</font></p>


























</td>






















</tr>
<tr style="height: 1pt; background-color: #cceeff;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Exercised/canceled/other<font style="vertical-align: super; font-size: 8pt;">(ii)</font></font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(15,442,518)</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">(22,394,499)</font></p>


























</td>






















</tr>
<tr style="height: 1pt;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Balance as of December 31, 2024</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">8,345,147</font></p>


























</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">16,624,911</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%; padding: 0px 0px 5px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Total accrued shares correspond to the proportional number of dividends, interest on equity and reduction of equity eventually paid or credited by the Compass subsidiary to its shareholders between the date of the grant and the end of said vesting exercise.</font></td>






















</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">In August 2024, 100% of the provision for the &#8220;01/30/2024 - Invest Partners&#8221; plan and the first tranche of the &#8220;10/11/2021 - Invest III&#8221; plan was brought forward. The plans were settled in September 2024 and the advance provision amounted to R$14,585 considering principal and charges.</font></td>






















</tr>













































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt 28.35pt; text-align: justify; text-indent: -28.35pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Fair value measurement</font></font></p>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The weighted average fair value of the programs granted during December 31, 2024 and 2023 and the main assumptions used in applying the Black-Scholes and Binominal model were as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 209px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Average market price on the grant date</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Interest rate</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Volatility</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 18%; background-color: #cceeff; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Cosan S.A</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2024</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">13.54</font></p>


























</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; width: 20%; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2023</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">16.82</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Compass</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2024</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">45.29</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2023</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42.21</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">N/A</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td rowspan="2" style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 34px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Rumo <font style="font-size: 8pt;"><font style="vertical-align: super;">(</font><font style="vertical-align: super;">i</font><font style="vertical-align: super;">)</font></font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2024</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">23.37</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.41%</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25.84%</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2023</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">21.87</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">10.41%</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">25.84%</font></p>


























</td>






















</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>






















</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Moove <font style="vertical-align: super; font-size: 8pt;">(ii)</font></font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2024</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">66.97</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.05%</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 22px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42.85%</font></p>


























</td>






















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">12/31/2023</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">105.98</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">4.05%</font></p>


























</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">42.85%</font></p>


























</td>






















</tr>

















































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<table style="width: 100%; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 5%; vertical-align: top;" valign="top">(i)</td>
<td style="width: 95%; padding: 0px 0px 5px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Volatility was determined based on the historical volatility of the share price in the last thirty days prior to the grant date.</font></td>






















</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Volatility was determined based on the historical volatility of the parent company's share price, since Moove is not yet publicly traded, taking as a measure the period proportional to the term of the plan.</font></td>






















</tr>













































</table>
<p style="margin: 6pt 0pt 6pt 28.35pt; orphans: 0; text-align: justify; text-indent: -28.35pt; widows: 0;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><font style="color: #0078ab; font-weight: bold;">Expenses recognized in the result</font></font></p>
<p style="margin: 6pt 0pt 0pt 28.35pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Share-based compensation expenses included in the statement of profit or loss for the year ended December 31, 2024 were R$65,901 (R$207,713 as of December 31, 2023).</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>146</font></font></td>






















</tr>













































</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>






















</div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statement</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB25_271202516170156" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">25. </font><font style="color: #0078ab; font-weight: bold;">SUBSEQUENT EVENTS</font></font></a><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">&nbsp;</font></div>
<p style="margin: 6pt 0pt 6pt 36pt; text-align: justify; text-indent: -36pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">COSAN CORPORATE</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">INCORPORATION OF COSAN OITO S.A.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 8, 2025, the Company completed the process of incorporating Cosan Oito, after obtaining the necessary regulatory approvals. All assets, rights and obligations of this subsidiary were fully transferred for the Company.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">PARTIAL DISPOSAL OF INVESTMENT IN VALE </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 16, 2025, Cosan sold 173,073,795 common shares of Vale, corresponding to 4.05% of the associate's share capital, for R$9,050,029. The Company kept 4,268,720 common shares, corresponding to 0.10% of the associate's share capital.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">EARLY REDEMPTION OF DEBENTURES</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 22, 2025, the Company requested the optional early redemption of the 1st Series of the 3rd Issue of Simple Debentures, non-convertible into Shares, unsecured, with original maturity in 2028, in the total amount of R$750,000 (to be increased by the remuneration calculated pro rata temporis from the date of the last payment of the remuneration until the date of the actual payment and the premium).</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">EARLY CALL &#8211; BOND 2027</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 31, 2025, the Company announced to the market that it had decided to exercise the early call clause related to the Bonds maturing in January 2027. The exercise date for the full redemption, in the amount of U.S.$392 million, will be March 14, 2025 at the face value of the bonds.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">TENDER OFFERS - BONDS 2029, 2030 AND 2031</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 31, 2025, the Company announced the market that it had sent notices of tender offers for the bonds issued by Cosan Luxembourg: Bonds 2029, Bonds 2030 and Bonds 2031.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The total amount of the repurchase was expected to be up to U.S.$900,000 <font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">thousand</font>. On March 5, 2025, the repurchase process was concluded and the total amount offered for repurchase by the holders of the securities and accepted for repurchase by the Company was U.S.$778,511 thousands, as shown in the table below:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 78px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Notes</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold;">Maturity</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Added value of principal (U.S.$)</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 2pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center; line-height: 1.1;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 8pt; font-weight: bold; line-height: inherit;">Aggregate value accepted (U.S.$)</font></p>


























</td>



</tr>
<tr style="height: 10px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; width: 57%; height: 10px;"><br></td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 14%; height: 10px;"><br></td>
<td style="vertical-align: bottom; width: 1%; height: 10px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 14%; text-align: center; height: 10px; vertical-align: top;" colspan="2" valign="top"><font style="font-size: 8pt;">In thousand of American dollars</font><br></td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; width: 57%; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">5.500% Senior notes</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 14%; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">September 20, 2029</font></p>


























</td>
<td style="vertical-align: bottom; width: 1%; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 14%; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">740,750</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; width: 14%; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">236,522</font></p>


























</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7.500% Senior notes</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">June 27, 2030</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">550,000</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">273,253</font></p>


























</td>



</tr>
<tr style="height: 17px;">
<td style="padding-left: 11pt; padding-right: 2pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">7.250% Senior notes</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 10pt;">June 27, 2031</font></p>


























</td>
<td style="vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>


























</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">600,000</font></p>


























</td>
<td style="padding-left: 2pt; padding-right: 5pt; vertical-align: bottom; height: 17px;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 10pt;">268,736</font></p>


























</td>



</tr>






























</table>
<p style="font-size: 12pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">RECTIFICATION OF DIVIDENDS COSAN </font><font style="color: #0078ab; font-weight: bold;">NOVE</font></font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 12, 2025, the shareholders approved the rectification of dividends mentioned at the Annual General Meeting held on November 27, 2024, in the amount of R$40,000 to R$371,000 and on February 28, 2025, it carried out the financial settlement for the shareholder holding the preferred shares in the amount of R$331,000.</font></p>
<p style="font-size: 12pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #0078ab; font-weight: bold;">EARLY </font><font style="color: #0078ab; font-weight: bold;">REDEMPTION</font></font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 12 and 13, 2025, respectively, the Company settled in advance Loan 4131 in the amount of U.S.$600,000 thousand, equivalent to R$3,462,660, and Debenture in the amount of U.S.$300,000 <font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">thousand</font>, equivalent to R$1,733,640 , acquired in February 2024 and December 2023, respectively.</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">With the early settlement of these debts, the Total Return Swap (&#8220;TRS&#8221;) and Time Deposit operations were also settled, which had been used to internalize debts, as per note 5.4 (a).&nbsp; </font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">DISTRIBUTION OF VALE S.A. DIVIDENDS</font></p>
<p style="font-size: 11pt; line-height: 115%; margin: 6pt 0pt 0pt 14.2pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 19, 2025, the Board of Directors of Vale S.A. approved remuneration to shareholders in the gross amount per share of R$2.141847479, deliberated as additional remuneration, to be paid on March 14, 2025, considering the shareholder base on March 7, 2025.</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>147</font></font></td>





















</tr>











































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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statement</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify; text-indent: -36pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">COMPASS</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">ISSUE OF DEBENTURES</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 10, 2025, the indirect subsidiary Compagas raised, through the 5th issue of debentures, the amount of R$ 410,000 with interest corresponding to the accumulated variation of the average daily DI rates plus a spread of 0.50% p.a. and with maturity of the principal and interest on January 7, 2027, for payment in a single installment on the maturity date.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 18, 2025, TRSP Subsidiaries concluded the raising of the 2nd issue of simple, non-convertible debentures in the amount of R$800,000 with remuneration of IPCA + 7.4367% p.a., semi-annual interest and principal maturing between January 15, 2030 and January 15, 2033. The funds obtained from the issue will be used to reimburse costs, expenses or debts related to the project to build a liquefied natural gas regasification terminal located in the city of Santos</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">MOOVE</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">PURCHASE AGREEMENT FOR DIPI HOLDINGS S.A</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On September 29, 2024, the subsidiary CLE entered into a purchase and sale agreement to acquire 100% of the shares of DIPI Holdings S.A. for the price of R$410,000, of which R$310,000 in cash, which after debt and working capital adjustments on the closing date resulted in a disbursement of R$232,886, and R$100,000 to be paid in two installments up to 2027, related to the performance of the acquired company in the earn-out.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The group is made up of three operating companies: Pax Lubrificantes Ltda., Elvin Lubrificantes Industria e Comercio Ltda. and Lubripack Industria e Comercio Ltda., which manufacture and sell greases and lubricating oils for automotive and industrial use, as well as a plastic blow molding unit.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 2, 2025, the transaction was completed after all the purchase conditions were fully met. The Purchase Price Allocation (&#8220;PPA&#8221;) process is underway to evaluate the assets acquired and liabilities assumed.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RIO DE JANEIRO&#180;S PLANT (FIRE INCIDENT)</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 8, 2025, a fire incident occurred at the Industrial Complex (&#8220;CIG&#8221;) of the subsidiary CLE, located in Rio de Janeiro, Brazil. </font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The fire affected part of the production area and administrative offices, that were not operational on the day, representing 10% of the total complex area.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">All emergency and risks protocols during the crisis have been put into practice immediately to control the incident and all containment measures through the execution of the Company&#8217;s contingency plan worked satisfactorily to minimize more serious damages, including our structure, local community and environmental. There were no victims or injured people in the incident and no material environmental or social impacts were identified.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The bulk operations for lubricants and base oils, tanks terminal, marine operations, pier operations, which represent around one third of production, did not have their operations affected and continue to operate regularly.</font></p>
<p style="margin: 6pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company has already started its continuity plan to reestablish the blending &amp; filling operations</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'times new roman', times; font-size: 13pt;"><font style="color: #0078ac; font-weight: bold;">Notes to the consolidated financial statement</font></font></p>
<p style="margin: 0pt; text-align: right;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">(In thousands of Reais, except when otherwise indicated)</font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 19.45pt; padding-left: 0; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Financial evaluation resulting from the fire incident</font></li>





















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<p style="margin: 0pt 0pt 0pt 70.9pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-style: italic;">a)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-style: italic;">Operational disruption</font></font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Due to effective containment and safety measures, the fire was controlled and just the finished lubricants products manufacturing was impacted and is closed at the moment for inspections and assessments, thus maintaining the operation of the entire rest of the industrial complex &#8211; bulk operations for lubricants and base oils, tanks terminal, marine operations, pier operations &#8211; which is currently estimated to represent 30% to 35% of production. </font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As part of Company&#180;s continuity and response plan for a crisis of this nature, there are essentially four counter measures, which are already in implementation: a) Reallocate blending &amp; filling to Company&#180;s affiliates; b) Product availability and supply chain directly through our strategic alliance; c) Production by third-party partners approved by the Company; d) Safety Inventory Level spread across its distribution centers network.</font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-style: italic;">b)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-style: italic;">Insurance coverage</font></font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Due to the complexity of Moove's operating segment, all global operations have comprehensive insurance coverage, with policies covering operational risks, business interruption damage, civil liability and environmental liability. The company has started evaluating and carrying out inspections with insurance companies. The indemnity limit totals approximately R$1,200,000 for this incident in the affected region.</font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-style: italic;">c)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-style: italic;">Write-off of Assets</font></font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">As a result of the event, Moove will record, in 2025, the write-off of the affected assets at the CIG lubricants plant, which are part of its South American cash-generating unit, impacting the balance sheet and income statement. The amount of the write-off/loss is being analyzed, with a current estimate of between R$190,413 and R$285,620 for inventory and fixed asset losses. Business interruption losses are not quantifiable at this time.</font></p>
<p style="margin: 6pt 0pt 6pt 70.9pt; text-align: justify; text-indent: -18pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="font-style: italic;">d)</font><font style="font-variant: normal; font-size-adjust: none; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; line-height: normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="font-style: italic;">Impairment Test and Operational Continuity</font></font></p>
<p style="margin: 6pt 0pt 0pt 70.9pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company reassessed the assumptions of its long-term financial modeling, considering the incident and reviewing scenarios with multiple variants, including stress tests. The main assumption tested was the volume of sales in liters, with a variation in the Compound Annual Growth Rate (&#8220;CAGR&#8221;) from 2.4% to 1.6% over 5 years. After this review and considering the information available, it is highly probable that there will be no need to recognize provisions for impairment on December 31, 2024. The Company maintains its operations on a going concern basis.</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RA&#205;ZEN</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">DISCONTINUATION OF THE RECURRING OPERATION OF THE COSTA PINTO SECOND GENERATION ETHANOL (&#8220;E2G&#8221;) PILOT PLANT (PLANT 1)</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On January 17, 2025, the jointly controlled subsidiary Ra&#237;zen announced that, as of the next harvest, starting on April 1, 2025, the Costa Pinto E2G pilot plant (Plant 1) located in Piracicaba in the state of S&#227;o Paulo and inaugurated in 2015, will have its recurring operation discontinued and will start to operate as a unit dedicated to tests and future developments of the biofuel.</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify;"><font style="font-family: 'times new roman', times; font-size: 10pt;">All the commercial commitments that were linked to the operation of Plant 1 will be performed through the Bonfim Plant (Plant 2), which is already operational, and the Univalem (Plant 3) and Barra (Plant 4) plants, which are in the commissioning phase and will start operating after obtaining the necessary authorizations.</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">RUMO</font></p>
<p style="margin: 6pt 0pt 6pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">CORPORATE REORGANIZATION OF RUMO MALHA NORTE</font></p>
<p style="margin: 6pt 0pt 0pt 14.2pt; text-align: justify; text-indent: -0.55pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">On February 19, 2025, Rumo S.A. and Rumo Malha Norte S.A. informed their shareholders and the market in general that their respective Boards of Directors approved a potential corporate reorganization proposal to be submitted in due course for approval by the shareholders of the companies involved at their respective general meetings, as well as the constitution of special independent committees and the election of members to make up said committees, which will act in the negotiation of the exchange ratio involved in the potential corporate reorganization. If and when approved, the corporate reorganization will optimize the corporate structure, through the incorporation of shares of minority shareholders (0.26% of the share capital) of Malha Norte by Rumo, resulting in the conversion of Malha Norte into a wholly-owned subsidiary of Rumo. The minority shareholders of Malha Norte who remain shareholders until the date of approval of the Corporate Reorganization by the respective general meetings of the companies involved will receive ordinary shares in Rumo, in proportion to their respective holdings in the share capital of Rumo Malha Norte.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#TOC" name="BJKB26_2712025161737630" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">26</font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">. </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">NEW ACCOUNTING STANDARDS</font></font></a><font style="color: #0078ab; font-size: 10pt; font-weight: bold; text-indent: 0pt;">&nbsp;</font></div>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0078ab; font-weight: bold; line-height: inherit;">26.1 </font><font style="color: #0078ab; font-weight: bold; line-height: inherit;">RECENT ACCOUNTING STANDARDS ADOPTED BY THE COMPANY</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The standards and amendments that came into effect for fiscal years beginning on or after January 1, 2024, did not have a material impact on the Company's financial statements. The Company did not early adopt any other standard, interpretation or amendment that has been issued but is not yet in effect.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amendment to CPC 32 - Item 4A regarding the new Pillar Two tax rule</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amendments introduced by CPC 32 in December 2023 established a temporary exemption for the recognition and disclosure of deferred tax assets and liabilities related to Pillar Two income taxes, a measure that has been adopted by the Company since December 2023.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The Pillar Two rules came into effect in 2024 in several European countries, impacting multinationals operating in those countries. During the first three years, companies will be able to use simplified transition rules (Safe Harbor), which seek to reduce the complexity of calculations in the initial adaptation period. Since the Company has operations in jurisdictions where Pillar Two rules have been in effect since January 1, 2024, we have assessed the potential exposure of these entities to Pillar Two income taxes. This assessment was conducted based on the most recent accounting and tax information, and Safe Harbor tests were applied to this data. Based on the application of the Safe Harbor rules, it was concluded that the Company's entities are not subject to IR/CS adjustments and, therefore, no material impacts have been identified to date.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amendments to IFRS 16/ CPC 06 (R2) &#8211; Leases</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">Inclusion of requirements on variable payments for a sale-leaseback that aims to provide guidance on how to account for variable payments to the seller-lessee in a sales and leaseback transaction. These amendments had no impact on the individual and consolidated financial statements of the Cosan Group, as they are not applicable to the Company.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Changes to IAS 1/ CPC 26 (R1) &#8211; Presentation of Financial Statements</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The IASB has issued amendments to IAS 1 (CPC 26 (R1)) to improve the information provided by an entity that has restrictive clauses (covenants) that may affect the classification of its debts depending on whether or not these clauses are complied with. In particular, the amendments aim to clarify that failure to comply with these clauses within the assessment period may affect the classification between current and non-current, determining that there is no reclassification to be made if the covenants had an impact only after the assessment period. In the financial statement, we had no impacts regarding the change in the standard, as this assessment is already carried out and the Company's debts are classified according to the monitoring of the covenants.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amendments to CPC 03/IAS 7 and CPC 40/IFRS 7) - Supplier financing arrangements ("Drawer Risk")</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amendments introduce two new disclosure objectives &#8211; one in IAS 7 and one in IFRS 7 &#8211; for a company to provide information about its supplier financing arrangements that allows the reader of the financial statements to assess the effects of those arrangements on the company's liabilities and cash flows. It will also be necessary to disclose the type and effect of non-monetary changes in the carrying amounts of financial liabilities that form part of a supplier financing arrangement. The Company has companies in the group where there are operations with a risk drawn, however, for consolidation purposes, as per the breakdown of financial instruments in note 5, the amounts are not material for disclosure purposes.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #0078ab; font-family: 'times new roman', times; font-size: 13pt; font-weight: bold; line-height: inherit;">Notes to the consolidated financial statement</font></p>
<p style="margin: 0pt; text-align: right; line-height: 1.2;"><font style="color: #7dba00; font-family: 'times new roman', times; font-size: 10pt; font-style: italic; line-height: inherit;">(In thousands of Reais, except when otherwise indicated)</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="color: #0066ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"> <font style="color: #0078ab; font-weight: bold; line-height: inherit;">26</font><font style="color: #0066ab; font-weight: bold; line-height: inherit;">.2 </font><font style="color: #0066ab; font-weight: bold; line-height: inherit;">NEW STANDARDS AND INTERPRETATIONS NOT YET IN FORCE</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 35.45pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The new and amended standards and interpretations issued but not yet in force as of the date of issuance of the Company's financial statements are described below, except for those which, in the assessment of Management, do not have the potential to produce effects on the financial statements. The Company intends to adopt these new and amended standards and interpretations, if applicable, when they come into force.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0066ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amendments to IAS 21/CPC 02 (R2) &#8211; Effects of Changes in Exchange Rates and Translation of Financial Statements and CPC 37 (R1) &#8211; Initial Adoption of International Accounting Standards</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In September 2024, the Accounting Pronouncements Committee (CPC) issued Revision of Technical Pronouncements No. 27, which introduced amendments to CPC 02 (R2) and CPC 37 (R1). The amendments define the concept of convertible currency and provide guidance on the treatment of non-convertible currencies, which should be measured at the measurement date in accordance with the purpose of the transaction. If the currency is non-convertible, the exchange rate to be used should reflect market conditions, and, in the case of multiple rates, the one that best represents the settlement of cash flows should be used. The pronouncement also reinforces the importance of disclosures about non-convertible currencies so that the financial impacts and risks are understood. The amendments are effective for financial statements beginning on or after January 1, 2025, but are not expected to have a material impact on the Group's financial statements.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><font style="color: #0066ab; font-weight: bold; line-height: inherit;">IFRS 18 - Presentation and disclosure </font><font style="color: #0066ab; font-weight: bold; line-height: inherit;">in</font><font style="color: #0066ab; font-weight: bold; line-height: inherit;"> financial statements</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 establishes new requirements for the presentation of the statement of profit or loss, including specific totals and subtotals. In addition, entities must classify all revenues and expenses into one of the following five categories: operating, investing, financing, income taxes, and discontinued operations, with the first three categories being new.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The standard also requires the disclosure of performance measures defined by management, subtotals of revenues and expenses, and imposes new requirements for the aggregation and disaggregation of financial information, based on the &#8220;functions&#8221; identified in the primary financial statements and explanatory notes.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In addition, specific changes were made to IAS 7, such as the modification of the starting point for determining cash flows from operations using the indirect method, which changes from "profit or loss for the period" to "operating profit or loss", and the removal of the option to classify cash flows from dividends and interest.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The amendments to IFRS 18 will be effective for reporting periods beginning on or after January 1, 2027, and must be applied retrospectively. The Group is currently working to identify all the impacts that these changes will have on its financial statements and respective explanatory notes in order to be in force with the new requirement within the established deadline.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0066ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">IFRS 19 - Subsidiaries without Public Responsibility</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In May 2024, the IASB released IFRS 19, effective January 1, 2027, which allows qualifying entities to choose to apply reduced disclosure requirements while maintaining the recognition, measurement and presentation criteria in accordance with other IFRS accounting standards. To qualify, at the end of the reporting period, the entity must be considered controlled as defined in IFRS 10 (CPC 36 &#8211; Consolidated Financial Statements), must not have public responsibility and must have a parent company (final or intermediate) that prepares consolidated financial statements, available to the public, in accordance with IFRS standards.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">IFRS 19 will be effective for reporting periods beginning on or after January 1, 2027. These modifications are not expected to have a material impact on the Group's financial statements.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="color: #0066ab; font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">Amendments to CPC 18 (R3) - Investment in associates, subsidiaries and joint ventures and ICPC 09 - Individual financial statements, separate financial statements, consolidated financial statements and application of the equity method</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">In September 2024, the Accounting Pronouncements Committee (CPC) published modifications to Technical Pronouncement CPC 18 (R3) and Technical Interpretation ICPC 09 (R3), with the aim of aligning Brazilian accounting standards with international standards issued by the IASB.</font></p>
<p style="margin: 6pt 0pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;">The update to CPC 18 addresses the application of the equity method (EIM) for measuring investments in subsidiaries in the Individual Financial Statements, reflecting the change in international standards, which now allow this practice in the Separate Financial Statements. This adjustment aims to harmonize accounting practices adopted in Brazil with international ones, without causing significant impacts in relation to the current standard, limited to adjustments in the wording and updating of normative references. The changes are effective for financial reporting periods beginning on or after January 1, 2025. These modifications are not expected to have a material impact on the Group's financial statements.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; line-height: inherit;"><br></font></p>
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<p style="break-after: avoid; text-align: center; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="break-after: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">SIGNATURES</font></p>
<p style="break-after: avoid; text-align: center; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized</font><font style="font-size: 10pt; line-height: inherit;">.&nbsp;</font></font></p>
<p style="text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
<p style="text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Date: March</font><font style="font-size: 10pt; line-height: inherit;">&nbsp;10</font><font style="font-size: 10pt; line-height: inherit;">, 2025</font></font></p>
<p style="text-indent: 18pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&nbsp;</font></font></p>
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<p style="margin: 0pt 0pt 10pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">COSAN S.A.</font></p>








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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">By:</font></p>








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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">/s/&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Rodrigo Araujo Alves</font></font></font></p>








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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>








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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">Name:</font><font style="font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Rodrigo Araujo Alves</font></font></font></p>








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<p style="margin: 0pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">Title:</font><font style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-size: 10pt;">Chief Financial Officer</font></font></p>








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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
